Singapore was ranked as the the second most expensive city by the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living (WCOL) survey conducted in 2021. However, don’t let this halt your plans. There’s a reason why the lion city remains a favourite destination for expats. Savvy financial planning is key.
We take a look at the various housing options that you can consider and their recent prices in Singapore.
The cost of housing depends on several factors such as the property type (private or public), age of the building, furnishings that come with it, types of facilities available (pool, gym, etc), location (it’s proximity to the city/ how centralised it is) and surrounding amenities (close to public transportation, malls, etc.).
There are four property types: Condominiums, Private Apartments, Service Apartments, and Landed Property.
|Types of Private Property||Description|
|Condominium||Usually equipped with facilities such as 24-hour security, gymnasium, swimming pools, playgrounds for children, etc.|
|Private Apartment||Similar to condos but with limited facilities. They also tend to be older buildings.|
|Serviced Apartment||Normally offers personalized services and hotel-style facilities. It has flexible leases – per-day basis, per-week basis or on a per-month basis. Fully furnished with a pool and gymnasium.|
|Landed Property||More often than not, these houses are the most expensive type of property in Singapore. They include terraced houses, semi-detached houses, detached houses, and bungalows.|
Median Unit prices of Condos in 2021
If you intending to purchase a home, it can appear intimidating with the rising property prices. However, do not be put off by this. There are affordable homes available for purchase. Especially in the suburban areas of Singapore, commonly known as the Outside Central Region (OCR). Prices are relatively at the lower end for one to two bedders.
Alternatively, you can consider renting a property instead. It is a cheaper option, condos in the OCR segment are generally in the affordable range and it will not burn a hole in your wallet too much.
Short for the Housing Development Board, HDB flats are the most affordable housing option in the little red dot. Take note that they do not come with facilities such as swimming pools or gyms. A majority (more than 80%) of Singaporeans live in HDB units. Amenities such as banks, libraries, local schools, supermarkets, clinics, shopping malls, bus and train stations are usually within close proximity.
If you are looking at the public housing market, prices varies according to the type of flat that you need. If you are not a Singapore Citizen, you can purchase flat in the public housing market under the Non-Citizen Spouse Scheme (NCS).
Although overall rents are rising in the property market, there are towns that saw a drop in rental rates in the fourth quarter of 2021. Suburban areas tend to command a lower rent. Generally, it comes down to the location and type of flat you are considering.
Living in Singapore is quite flexible as there are various options for you to consider. No matter your budget, Singapore is truly a livable city for everyone.
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