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Singapore is absolutely a buyer’s market right now. Due to the recent property slowdown, the market prices in Singapore have slowly but steadily softened. Private, non-landed home prices have dropped this quarter, in some areas of Singapore up to .7%. Experts are projecting that not only will housing prices remain relativity low but HDB resale values are rising and this trend is expected to continue. All of these factors add up to make Singapore a great place to look for first time buying or investing opportunities. Right now Singapore has experienced a steady increase in its housing market, so much so that its Government had to put limitations on the market, now it appears to have leveled out a bit. This means that investors are sitting out of the market in Singapore for the time being, leaving the Singapore housing market wide open for first timers, or buyers/investors operating with a stricter budget. Additionally, auction sales are on the rise. Auctions usually make potential buyers cringe but in this market auctions are on the rise and provide a unique and profitable opportunity for buyers to purchase residential property well under market value.
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Although the Singapore housing market is termed a buyer’s market, the real winners are prospective tenants. The current vacancy rate is up to around 8% in Singapore. With so many more landlords than likely tenants, rent seekers have the upper hand in rent agreements. This is the kind of market that is ideal for the renter to negotiate for lower prices and better terms. Suburban condominiums in particular are experiencing the sharpest drop in pricing, an especially beneficial area for those working in the city to get the most value for their dollar. So even though in Singapore the sellers far outnumber the buyers, the landowners even further outnumber the renters and this market may be more appropriately called a renter’s market.
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Singapore’s housing market is primed and ready for new buyers and new renters. The market prices are low but investment value is projected to increase and the supply will be plentiful for some time. However, Singapore does have its own unique regulations and property taxes, so it is best to contact and work closely with a property agent in Singapore for specific information and assistance in renting, buying or investing in this market.