It makes no difference in the society that house prices in Singapore are higher. This thing is shown by that the demand of the houses in increasing. The increased demand causes the positive sentiments among the home builders. Due to increase in demand of the house by the population of Singapore, the satisfaction level of home builders is increasing. The prices of privately help residential property are falling down to 2.77 percent. It is estimated according to the Urban Redevelopment Authority that’s the index of the private residential property is falling down from the last thirteen quarters. When the inflation rate adjustments are made then house prices in Singapore is decreased by 3.45 percent. The inflation rate in the first quarter of 2017 is -0.56 percent cause the decrease in the house prices in Singapore by 0.36 percent.
Here we talk about the house prices in Singapore’s different regions:
- In a region which is called as Core Central Region (CCR), the prices of private residential properties (non-landed) are decreased by 1.9 percent with the inflation-adjusted rate of -2.6 percent.
- In the rest of central region, the house prices in Singapore is fell down by 2.5 percent with the inflation-adjusted rate of -3.2 percent.
- In the outside central region, house prices in Singapore fall down by 2 percent with the inflation-adjusted rate of -2.6 percent.
Here I am going to discuss the prices of some major residential developments.
- The house price in Singapore of The Clement Canopy ranges from 859 dollars per square feet to 1086 dollars per square feet.
- The price of Grandeur Park Residencies ranges from 970 dollars per square feet to 1152 dollars per square feet.
- The price of iNz residencies (EC) ranges from 499 dollars per square feet to 610 dollars per square feet.
- The prices of the Park Place Residencies at PLQ ranges from 1143 dollars per square feet to 1581 dollars per square feet.
The demand for residence is increasing in Singapore. In 2017 5202 units are established in Singapore. Among this value, 343 units are completed and 2619 units are still incomplete private residential properties. The reason behind the fall down of the house prices in Singapore is a decrease in the interest rate on the loans provided for housing. The rise of house prices in Singapore is very slow.
The reason for the decrease in the prices of the house is due to policies of the government. The property market of Singapore shows the up and down in the real estate market before and after the period of economic global prices. The real estate market become overheated. The government of Singapore takes a various step for balancing the house prices in Singapore. But the research shows that these steps are not enough for balancing then they take further measures. The government takes the step and limits the mortgage term to 35 years. The loan that has the time period of 30 years then the loan to value ratio (LTV) is reduced.
The prices of these landed and non-landed property are different and are on the different point of the spectrum. On is sold at 200 dollars per square feet and other on the 2000 dollars per square feet. The prices of the apartment that have one bed and one bath and the total area is 462 square feet. And the prices of this will increase to 200,000 dollars. The apartment that is described above is best for the small family but for the larger family, the apartments containing the number of rooms is best. If the landed property has up to 3 rooms then the house prices in Singapore is more than up to 300,000 dollars. These types of houses are best for the family who are searching for new homes. The prices of the house will be dependent on the location of the house. If the location of the house is perfect then the house price in Singapore will be greater. The perfect location means that location of the house contains all the facilities like educational institutions, hospitals, shopping centers, recreational facilities, and all other important facilities. It is also a determining factor of house prices in Singapore. The price ranges from very high prices to very low prices.