An Overview of the Singapore Property Market For Expats
Area wise, Singapore is not very large in size. Hence, available land is exploited to its potential and the only way to increase accommodation is to build skyscrapers i.e. Grow vertically! More than 80 percent of Singaporeans live apartments owned by them and maintained by the Housing and Development Board of Singapore.
Hence, landlords make most of their money by leasing property in prime locations to expatriates.The most important for an expat is to find the property location that is most suitable to him/her, in terms of accessibility to workplace and transport. Singapore is divided in 27 districts. All this districts provide different options and different facilities. The most expensive being the prime location of Central Area located from District 1 to 9. Below is an Overview of the Singapore Property Market for Expats.
On the East Coast, Districts 14, 15, 16 are located near the Central Business District (CBD) near the Changi Airport. It also offers views of the Sea and is known to be very popular among expatriates since it offers many leisure activities, eateries and many more.
Once the property location is finalized, one needs to finalize the properties in the location that suit the budget of the Expat. Since the rental rates differ from place to place. The more closer the property to the Central Business District the rates are bound to be more expensive.
Areas such as Newton, Orchard and River Valley that are located around the central can cost more thousand dollars as compared to areas away from central areas. Rates also fluctuate according to the type of property like Bungalows, Terraced Houses, 3 to 4 bedrooms and 1 to 2 bedrooms.
Transportation also being a major factor while selecting a property location. Singapore is said to have one of the most well-planned and modernized transportation system. Transport systems include: Mass Rapid Transport (MRT), Taxis, Private Cars, Buses.