The Singapore high-end property market gave both sellers and buyers some mixed feelings last year, and the first half of 2019 has been no different. As of now, the sellers of homes in luxurious residential areas are still in a positive market position due to the increased demand for properties and consequently the selling rates.
But what should we expect on the other side of the buying equation? Buyers and tenants are under pressure as they need to buy or rent properties, but their price and loan interest rates keep increasing. Singapore’s property market is doing well. However, the future will have both positive and negative sides depending on the various factors that are affecting it.
If you are in looking to buy or sell in Singapore, here are some of the most important things you need to know about the property market in 2019.
District 19 Is the Place to Invest
According to the trend so far, district 19 is leading in luxurious property development. Thus, the value of either renting a furnished apartment, a home in a high-end estate, or even buying a typical home here is increasing consistently. According to some experts, the price per square foot (PSF) has increased to $1,300. This is unlike other districts where there is either a drop or stagnation in price. Thus, if you are looking to invest in this area you should consider making a purchase decision sooner than later.
Singapore Could Be Affected by Global Tensions
More companies are resolving to reduce the number of attached employees and outsource most of their work from remote workers. According to experts at Visa Express, this may reduce expats in Singapore, who are some of the biggest customers of luxurious homes.
Home Loans Keep Going Higher
Those who want to either build a home in an estate setup or buy an apartment in the well-established residential areas in Singapore like Orchard Road and Holland Village should be willing to take home loans with high interest rates. After all, this is the trend in Singapore today. Banks and other lending institutions already know the price range of homes in these areas and will propose to give loans at a higher rate to all borrowers in this category.
Tenants Will Have More Options
Although every tenant is now straining, especially those who live in executive residential areas like Marina Bay and others that we have mentioned before, there is likely to be relief for them by the end of the year. Both the government and private developers are constructing new homes for rent and sale in all areas of Singapore. They aim at increasing the number of available homes through the construction of modern condos with all of the amenities people need to live a luxurious life while paying a lot less.