Singapore’s condo resale market is experiencing a significant surge! In July 2024, resale volumes jumped by an impressive 32.2%, with 1,075 units resold compared to 813 in June. This spike, coupled with rising prices, is making waves across the property landscape. Whether you’re a local, PR, or foreigner, here’s why this could be the perfect time for you to make a move.
HDB Upgraders: Your Chance to Move Up
If you’re a Singaporean upgrading from an HDB flat, now might be the best time to make that leap. Some HDB resale flats have been fetching over a million dollars, giving sellers a healthy budget to upgrade to a private condo. With overall condo prices rising by 0.8% month-on-month and 5.5% year-on-year, getting into the market now could secure you a home that appreciates in value. Plus, more than half of the condo resale transactions (51.9%) were in the Outside Central Region (OCR), offering affordable options in desirable neighborhoods.
PRs: A Smart Investment Opportunity
For Permanent Residents, the condo resale market presents a solid investment opportunity. Prices in the Rest of Central Region (RCR) increased by 0.4% month-on-month and 7.1% year-on-year. This region offers a great balance of accessibility to the city and affordability. Given the rising demand and limited new supply, properties in the RCR are likely to continue appreciating, making it a smart choice for those looking to invest in a property with strong growth potential.
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Foreigners: High-End Real Estate is Heating Up
Foreign investors and buyers looking at Singapore’s luxury market should take note of the Core Central Region (CCR), where prices rose by 2.8% in July alone. The CCR has been relatively stable, but this recent increase indicates a renewed interest in high-end properties. With Singapore’s reputation as a global financial hub and a safe investment destination, luxury condos here are becoming even more attractive, particularly for those looking to invest in a property with long-term value.
Is Now the Right Time to Buy?
Given the current market dynamics, the answer is a resounding yes. The increase in condo resale volumes and prices reflects strong demand and confidence in Singapore’s real estate market. For upgraders, especially those coming from HDB flats, the high resale prices of your current homes provide a golden opportunity to enter the private property market. Investors, on the other hand, can capitalize on the limited supply of new condos, which is expected to keep pushing prices up.
For instance, the median capital gain for resale condos in July was S$379,000, up by S$58,000 from the previous month. In District 15 (East Coast/Marine Parade), the highest median gain was recorded at S$631,000, showcasing the significant returns that are possible in the current environment.
Looking Ahead
The condo resale market is likely to remain robust, with continued demand and limited new supply driving prices higher. If you’re considering buying a condo—whether as an upgrader or an investor—this is the time to act.
Final Thoughts
Whether you’re looking to upgrade from an HDB flat, invest as a PR, or explore luxury real estate as a foreigner, Singapore’s condo resale market has something to offer everyone. The current property environment is favorable, with real data backing the potential for strong returns and long-term value. Stay informed, keep an eye on the trends, and you could find yourself securing a fantastic deal on your next home or investment property.
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