Is 2024 the Perfect Moment to Refinance Your Home Loan? Discover What Homeowners Should Consider!
TLDR The article covers the shift to SORA for home loan rates, urging consideration of refinancing options amidst rising rates....
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 …
Top 5 Scenic Drives in Singapore
Singapore, a small yet bustling city-state, is well-known for its impressive skyline, diverse culture, and delicious food. However, not many...
Read More
The Cost of Housing – Affordability vs Premium?
TLDR The blog post discusses the challenges Singapore faces in housing affordability, particularly the rising costs of private homes compared...
Read More
Top 5 Best Secret Running Routes in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also a haven for runners seeking scenic...
Read More
Discover 7 Reasons to Sell and Right-Size Your Property
TLDR The increasing trend of right-sizing properties in Singapore is driven by various factors such as lifestyle changes, financial gains,...
Read More
Top 5 Best Green Spaces to Picnic in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to numerous green spaces that...
Read More
When Should You Consider a Shorter/Longer Home Tenure?
TLDR Understanding the benefits of long-term home loans is crucial for financially conservative individuals in Singapore. Opting for a longer...
Read More
Top 5 Overlooked Features that Buyers are Looking for in Singapore Property
The top 5 overlooked features that buyers are looking for in the Singapore real estate market. These are the overlooked...
Read More
5 Reasons Why Singapore Loves Investing in Properties
Property investing is a popular and lucrative option in Singapore due to several reasons. Firstly, Singapore's stable and growing economy...
Read More
5 Reasons : Why Investing In Singapore Property Is The Best Decision I Ever Made
Investing in property is a great way to build wealth and secure a stable source of passive income. When it...
Read More
Discover the 7 Unique Attributes of Real Estate Investing
TLDR The post highlights the benefits of investing in real estate, such as high leverage, capital appreciation, income generation, usability,...
Read More
Top 5 : Why Ultra-Rich Foreigners Will Still Buy Property In Singapore
Singapore, a small island nation in Southeast Asia, has been steadily gaining recognition as a hotspot for the ultra-wealthy to...
Read More
Top 5 : Best Hidden Beaches in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to some of the most...
Read More
6 Reasons to Think Twice Before Hiring a Friend or Family Member as Your Agent
TLDR In Singapore, hiring a friend or family member as your property agent can be risky. Disclosing sensitive financial details...
Read More
Tips for Choosing the Home of Your Dreams
TLDR Decoding the Singapore property market can be challenging, but understanding key factors like property size, location, and lease tenure...
Read More
I Bought a Mega-Home : Hear 7 Homeowners Spill their Heartfelt Remorse
TLDR The article discusses various challenges faced by residents living in massive condo complexes in Singapore. From long elevator wait...
Read More
Top 5 Places to Learn About Singapore’s Diversity
Singapore, a vibrant city-state in Southeast Asia, is well-known for its diverse culture and rich history. A melting pot of...
Read More
The Top 5 Legal Considerations When Investing In A Property In Singapore
Investing in property in Singapore is an attractive option for many, given the country's stable economy and strong demand for...
Read More
Retiring in Singapore? Here’s Where to Find the 5 Best Property Investments for Comfort and Security!
Retirees have unique needs when it comes to property investments. They require properties that offer comfort, security, and easy access...
Read More
Calculating Your Property’s Annual Value in Singapore 2024: A Simple Guide!
TLDR Understanding your property's annual value is crucial for determining property taxes in Singapore. The annual value is based on...
Read More
