The Changing Rates of Condos in Singapore

Published On March 4, 2019 | By Carolyn Guertin | Featured

It is natural to see a price rise in everything after each other; it isn’t anyone’s imagination. Over a year inflation takes a toll on everything, and this is now 2019. So, let’s see the price rise in condos in the last ten years in Singapore.

As per URA data, the average price of the transaction of private properties in sales and resales across Singapore has been calculated from 2008 to 2018. The units are about 850 sq. Ft to 950 sq. Ft, this is an average for a two-bedroom condo, and let’s see what has been found:

New Sales

In between 2008 as well as 2018, we discovered that the typical market price for brand-new projects in the East area saw the highest possible cost boost.

The rate boost is most likely as a result of the resurgence of country regions, the establishment of brand-new development hallways and also brand-new MRT lines in the area. Locals in the East will certainly have a lot more MRT links to the city as well as to the north parts of the island with the upcoming Thomson-East Coastline Line (TEL), which is slated to start procedure in the end 2019.

In 2018, rates of a two-bedroom apartment negotiated at approximately $1.26 million, contrasted to approximately $677,768 a years earlier. This equates to a cost boost of 86% in ten years.

Resale

In between 2008 as well as 2018, resale rates for residential properties in the North as well as the West areas saw the greatest boost, at concerning 72% over the last years specifically.

In 2008, a resale two-bedroom condominium in the North negotiated approximately $473,173. In 2018, a similar-sized system negotiated at approximately $812,313.

A resale two-bedroom condominium in the West negotiated at a standard of $564,480 in 2008, as well as $969,176 in 2018.

So, if you are want to buy cheap condo Singapore, contact top real estate firms.

 

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