5 Cons Of Buying A Resale Property
Luxury properties in Districts 9 and 10 of Singapore are highly coveted, and for good reason. From stunning views and...
Read More
TLDR
The article discusses the current housing market in Singapore, focusing on the challenges faced by individuals like Sherlyn Tan and Fatin Zakiah Saiful Imran in purchasing their desired properties. It also touches on the impact of population growth on housing demand and the strategies suggested by experts to manage it. Additionally, it highlights the importance of maintaining an adequate population size for economic growth. Lastly, it provides advice on whether to buy, sell, or wait in the current real estate scenario.
Sherlyn Tan, a communications undergraduate, has twice encountered setbacks in her attempts to secure a Build-to-Order (BTO) flat. She fondly recalls the five-room Bedok flat her parents purchased in the late 1990s for S$300,000.
Fast forward to today, the cost of a similar BTO flat in the same vicinity has skyrocketed to as much as S$737,000. Growing up in Bedok, Sherlyn, now 23, confesses her concerns about affording a home near her parents due to escalating prices.
On a similar note, Fatin Zakiah Saiful Imran, aged 35, recently welcomed her third child into the world. The prospect of upsizing from their current four-room BTO to a larger dwelling is very much on the horizon for her family.
Fatin, a technical support engineer, expressed that a primary motivation behind their potential move is the quest for more space – something they see as only achievable through purchasing a resale flat. She added that the current BTO offerings are generally of a similar size, with not all projects featuring five-room flats for sale.
Interestingly, the Ministry of National Development announced in April of the previous year that the dimensions of HDB flats have remained consistent since 1997. Meanwhile, the average household sizes have seen a decline.
“Singapore’s land limitations necessitate a careful balance between the dimensions of HDB flats and their availability,” stated the ministry, addressing a legislative inquiry about the possibility of expanding the average size of HDB flats.
According to Mr. Tan Wei Ming, Director of Research and Consultancy at Savills Singapore, one approach to temper housing demand is by regulating population growth, particularly by moderating immigration influx.
Mr. Lim Jia Hao from CGS-CIMB suggested that theoretically, decreasing Singapore’s population could somewhat curb housing demand. However, if such an action were taken to an extreme, it would ultimately be harmful in the long run, considering Singapore’s rapidly ageing populace.
“The number of youths is dwindling and the population is growing older at a fast pace. The population will diminish eventually. What then becomes of your property or vehicle when there’s no one interested in buying?” He questioned.
He further emphasized that maintaining an adequate population size is crucial for Singapore to continue its economic expansion and create prosperous employment opportunities.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
5 Reasons : Why Investing In Commercial Real Estate Can Offer Stable Long-Term Returns
Investing in commercial real estate has become an increasingly popular choice for investors seeking stable long-term returns. There are several...
Read More
The Truth About Buying An Old Condo: Homeowners Reveal Their Top 5 Regrets
The Truth About Buying An Old Condo: Homeowners Reveal Their Top 5 Regrets Some homeowners may find themselves regretting certain...
Read More
Budget 2024: What To Expect For The Singapore Residential Market?
TLDR In 2025, owner-occupiers of residential properties can benefit from property tax relief based on the Annual Value Band. Retirees...
Read More
Learn the Essentials of Renting Property in Singapore as a Foreigner
TLDR Renting in Singapore offers various options for foreigners, such as HDBs, Condos, and even unique properties like heritage homes....
Read More
5 Cons of Buying a New Development
Luxury properties in Districts 9 and 10 of Singapore are highly coveted, and for good reason. From stunning views and...
Read More
Why Home Staging Is Important In A Competitive Real Estate Market
Singapore's property scene has always been a powerhouse, effortlessly combining the new with the old. It's a real estate playground...
Read More
Singapore’s Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors
Singapore's Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors Here are 5 insider tips for those looking...
Read More
5 Reasons Why You Should Consider Hiring an Agent Instead of DIY-ing It
TLDR Understanding the complexities of the real estate market and transactions can be overwhelming. Enlisting the help of a real...
Read More
Top 5 Thai Restaurants in Singapore
Singapore, a melting pot of cultures and cuisines, is a food lover's paradise. Among the myriad of dining options available,...
Read More
What Difference in One Year After the ABSD Hike in April 2023?
TLDR The recent hike in ABSD rates, especially the increase from 30% to 60% for foreign buyers, has dramatically affected...
Read More
5 Reasons Why Districts 9 and 10 are the Next Big Thing in Singapore Real Estate
Singapore is renowned for its thriving real estate market, with many desirable neighborhoods and top-notch properties. However, when it comes...
Read More
Top 5 Reasons : Why Does Singapore Have Such Extensive Restrictions On Foreigners Purchasing Residential Property?
Singapore, a thriving city-state in Southeast Asia, is known for its stable political climate, strong economy, and strategic location. As...
Read More
Top 5 Things to Do in Singapore on a Rainy Day
Singapore, the beautiful island city-state, is known for its sunny weather and stunning attractions. However, even in this tropical paradise,...
Read More
Top 5 Mistakes to Avoid When Investing in Singapore Real Estate
Investing in Singapore's real estate market can be a lucrative venture, given the city-state's status as a global financial hub...
Read More
Four Things to Avoid When Renting Out an HDB Flat
TLDR Renting out an HDB flat in Singapore can be a lucrative source of secondary income. Key considerations include adhering...
Read More
The Psychology of Property Investing: 5 Reasons Why Singaporeans Love Real Estate
Real estate investing has always been a popular way to grow wealth and secure financial stability. In Singapore, the love...
Read More
I Purchased My First Property in My Mid-20s: Avoid These Common Mistakes!
TLDR When it comes to property ownership, Charles learned valuable lessons through his journey as a youthful homeowner. From opting...
Read More
Ouch! Our $1.8 Million Condo Investment Blunder: Unpacking 5 Crucial Takeaways from Our Bad Experience
TLDR The blog post delves into the complexities of real estate investments using Bob's experiences as examples. It highlights the...
Read More
Experience Singapore’s Best: 5 Districts with Unmatched Access to Shopping, Dining, and Entertainment
Here are my top 5 picks for districts in Singapore that offer easy access to some of the best shopping...
Read More
