Are you looking for a new condo in Singapore?
If ever there was a time to invest in real estate in Singapore it’s now. According to data released by the Urban Redevelopment Authority (URA), private residential property prices shot up by 3.9% in the first quarter of 2018. This is good news for investors. However, whether you want to buy a new condo in Singapore as your primary residence, or as an investment asset, there is no doubting the fact that both choices are lucrative opportunities.
Is there a best time to buy condos in Singapore? Apparently now is the best time to buy if you are looking for a property to invest in. According to Trading Economics, Singapore’s population is projected to grow to 5.79 million by 2020 from the current 5.77 million. This puts an increasing demand on the housing market. Investors with a keen eye for real estate would do well to take advantage of this opportunity.
Things to Consider When Buying Condos in Singapore
As with any property to be bought, it’s important to consider what amenities are nearby. If you are buying a home for the first time, you might be interested to know whether there are schools nearby, hospitals, shopping malls, train stations and other factors that make the neighborhood family friendly.
If you’re purchasing a property to invest in, you might be interested in knowing how easy it will be to sell the property should you need to. Is the property in an area which makes it a hot-sell or is there a chance that the property will sit on the market for months on end?
Evaluate the prices and the state or condition of the neighboring properties as they will play a big role in influencing the price of your intended property. If you’re not certain about how to evaluate a property correctly, it’s wise to seek the counsel of a professional real estate agent or property evaluator.
Best Places to Buy Condos in Singapore
If you are fortunate enough to buy one of the HDB flats developed by the Housing and Development Board of Singapore, some of the better places to purchase these condos are in Bedok, Sengkang, and Bukit Panjang where the average buying price is S$950,000.
If you’re looking for something a little extra, and little more luxurious, properties around Sentosa Cove are among some of the most sought-after pieces of real estate on the island. The Cove, is famous for its swimming pool and tennis court-donning properties. With that being said, condo prices are nothing to joke about, and vary from a whopping S$15 million to a staggering S$36 million and upwards.
If money isn’t a worry and all you’re looking for is an excellent place to call home, then consider the Good Class Bungalows that are spread out in the 39 specially designated areas. Expect to part with a minimum S$30 million for a bungalow in these plush areas.