The PropertyGuru team shares everything you need to know before purchasing a property in Singapore this year
In December, the PropertyGuru team published the Property Market Outlook 2020 study, which listed trends that would have a direct impact on property buying in Singapore, particularly with the pressures surrounding the real estate sector.
As property prices reached a five-year high a few months back, concerns over the expanding affordability gap between wages and house prices grew.
Experts reveal that the foreigners’ elevated investment sentiment in Singapore prompted the growth in private housing prices, along with the higher costs of new project launches when developers purchased higher-priced land during the property boom a couple of years back.
With the addition of two more rail stations, and the decentralisation of the city fringe, also known as the Rest of Central Region (RCR), the city-state is expecting to lure in more investors as the district becomes easily accessible.
Moreover, properties in the city fringe would have more value compared to older, resale properties in premier locations as it would be part of the strategic growth areas. In fact, new project launches in RCR comprised nearly half of all the new launches.
For 2020, the industry is also predicted to focus on District 15, the city-state’s original waterfront district, since the Urban Redevelopment Authority (URA) has planned to develop some of the areas into a “vibrant and sustainable garden neighbourhood.” By 2023 or 2024, it will be accessible via the Thomson-East Coast Line (TEL).
And since the luxury market in Singapore surpassed expectations in 2019, our team has forecasted foreign buying to continue this year with new launches. This is mainly due to the fact that foreigners regard the city-state as a secure and stable place to invest in.
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