The condo market in Singapore is quite expensive. The average cost of an apartment unit in the city is around S$1,276 per sqft as of March 2018.
If you are planning to buy an apartment unit as your primary home, it might be a bit too daunting for you. However, if you plan to buy it as an investment property or secondary residence and don’t mind spending a bit more on it, then this article will help you understand the factors that influence the cost of buying a condo in Singapore.
How much does it cost to buy a condo in Singapore?
The average cost for a home in Singapore is S$2,080,533, while the median price is lower at S$1,788,000. HDB properties are the cheapest, with an average price of S$532,768. That’s 70% less than the average condo and 80% less than the average landed property.
The median prices for all property types were 7-24% lower than the averages, indicating that some exceptionally high-priced homes skew the averages upward. The biggest discrepancy was for landed properties, where the median price was 24% lower than the average.
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The factors that affect the cost of buying a condo in Singapore
There are a lot of factors that determine the cost of buying a condo in Singapore. Some of these factors include location, size of the unit, and amenities. Apart from those factors, there are also other things that affect the pricing of these units.
Location is one of the biggest factors that influences the cost of buying a condo in Singapore. For instance, if you would like to buy a unit in a prime location with great amenities and easy access to public transportation, then it would likely cost you more than just your average price for an apartment unit.
Size is another big determining factor for how much it costs to buy a condo in Singapore. If you would like to buy a large unit, then expect to pay more than if you were looking for something smaller. The reason being is that larger units tend to be more expensive as they fit more people and have better amenities such as bigger bedrooms or balconies or higher ceilings.
Amenities are another thing that influences the cost of buying a condo in Singapore. These might include things such as swimming pools, gyms, parking spaces within walking distance etcetera. With all this said, there are still quite some variables at play when it comes to the pricing of condos in Singapore so don’t get too discouraged when you see prices climbing up!
Buying a villa as an investment property in Singapore
As for the price of a villa, it is about S$3,000 per sqft as of March 2018. Buying a villa in Singapore is an investment property for many people as it can be rented out. If you are only buying the condo as your primary residence and not planning to rent it out, then it will be more expensive to buy one.
The cost to buy an executive condominium (EC) in Singapore
The cost of an executive condominium in Singapore is determined by various factors. First, the size of the unit will determine its price. For instance, a one-bedroom is priced at around S$189 per sqft and a four-bedroom is about S$623 per sqft.
Another important factor that influences condo prices are the location of the condo within the city. If you want to buy a condo in prime locations such as Orchard Road or Clarke Quay, then you’ll be paying more for it than if you want to buy an apartment in other parts of Singapore.
Additionally, the quality and design of your unit will also determine how much your condo will cost. A high-end unit with stainless steel appliances could cost you approximately S$1,800 per sqft while a standard unit with simple features may go for around S$700 per sqft.
The design of your unit will also influence its resale value after you’ve moved out. A modern home with many features that look chic and trendy would likely have higher resale value than one with less features but cheaper materials and finishes.
The cost to buy an apartment with private terrace (APT) in Singapore
The cost to buy an apartment with private terrace (APT) in Singapore is around S$1,113 per sqft as of March 2018. The amount depends on the size of the unit and the location of the property.
Buying a public housing flat in Singapore
If you are looking to buy a public housing flat in Singapore, the cost of the housing can be as low as S$200,000.
Public flats have social housing benefits. For example, you don’t need to pay for private medical insurance if you are living in public flats.
Public flats also come with subsidized rates for electricity and water. These rates vary depending on location and unit size but they are typically around 30-50 percent lower than what apartment owners would pay.
The price of public housing units is determined by the Government and there is no market value.
The cost of a condo in Singapore is quite high. However, for those who are looking to buy an apartment unit as their primary home, it may be too expensive for them to afford. That being said, if you plan on buying it as an investment property or secondary residence and don’t mind spending a bit more on it, then this article will help you understand the factors that influence the cost of buying a condo in Singapore.
Final Words: The cost of a condo in Singapore is quite high. However, for those who are looking to buy an apartment unit as their primary home, it may be too expensive for them to afford. That being said, if you plan on buying it as an investment property or secondary residence and don’t mind spending a bit more on it, then this article will help you understand the factors that influence the cost of buying a condo in Singapore.