Although perhaps most well-known for modern high rises and green spaces, Singapore is making a name for itself in the luxury real estate market. House prices in the country have risen exponentially in recent years and are only set to increase as demand from national and international buyers grows. Whether you are looking to buy or just want to pique your curiosity, continue reading to find out what you should consider before purchasing a slice of Singaporean luxury.
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Before you embark on your property search, you must decide what type of building you wish to live in. With a variety of dwelling types to choose from, Singapore is sure to have something for everyone. Whether you are looking for an apartment, a condo, a townhouse, or a mansion, you are guaranteed to find something to suit you. Renting is a popular choice amongst house-hunters in Singapore. On average, an apartment in the city centre will set you back around $5,000 to $10,000 a month. A house is likely to cost you closer to $25,000 to $50,000 per month. Residents living in high rise apartment buildings can benefit from a wide range of amenities designed to ensure they get their money’s worth. This can include terraced gardens, pools, gyms, cinemas, and even basketball courts. The closer to downtown Singapore an apartment is located, the more exclusive and expensive it is likely to be. A lack of high-end, luxury housing in Singapore also means they are likely to fetch higher price tags than if they were located elsewhere.
As well as deciding what type of building you would like to live in, you must also consider where you would like to live. Comprised of over 60 small islands, the country of Singapore offers a variety of environmental regions and landscapes to choose from including cities, beaches, and mountains. Apartments located in the city centre may be luxurious, but they lack square footage. Houses located further afield will provide you with the most bang for your buck. Waterfront housing developments, such as Sentosa Cove, offer a variety of different housing options with prices starting in the millions. But with plots including pools, jacuzzies, parking garages and even yacht docks, you definitely get what you pay for. As well as location, you must also consider local transport links, shops, and restaurants, as well as any potential city expansion plans. A property located near a busy road or a construction site may steadily decrease in value over time. It is important to take all of these geographical considerations into account when searching for your next property.
An experienced estate agent is key to finding the perfect property. Estate agents specializing in luxury real estate will be able to source a range of properties that match your budget and personal preferences. Estate agents also benefit from decade’s worth of knowledge and experience in the industry and can offer valuable advice to assist you in your property search. They may also recommend other neighborhoods in the local area that are more likely to match your search criteria. Your estate agent will walk you through the entire house hunting process from arranging the initial viewing to signing the lease.
One of the most important factors to consider when shopping around for a new luxury real estate property is the amenities on offer. Whether you need a dock for your yacht or require a larger pool, Singapore is the answer to your property prayers. The amenities on offer differ depending on the type of property you have chosen. For example, a semi-detached house may contain a private pool, cinema or even a guest house. An apartment building may offer the same amenities, but they are likely to be shared with your neighbours. You must weigh up these options when deciding where you would like to live. Secure parking is another factor that must be considered. Depending on the size or number of cars you own, you may require a larger living space.
As well as purchasing private property, a growing number of people are choosing to invest in luxury real estate properties in Singapore. Property investment in the country is on the rise with almost 10 times more luxury private homes sold in March than in February of this year alone. With the luxury real estate market in Singapore going from strength to strength and expected to surge in the next year, now may just be the perfect time to purchase or invest.
There is a number to factors to consider when you are shopping around for your next luxury property in Singapore. By following these tips, you can ensure you have found the perfect home for you and your family and are making a great investment.