People in Singapore are in search of a living place that is luxurious and secure. One of the most expensive markets of real estate is located in Singapore. The expensive market is making it very difficult for the people of Singapore to find and buy the best houses. It is also said that Singapore condo price shows an increase in the year 2013 and the Singapore condo price will decrease after that. It is a great challenge for all the people to find a reasonable and the affordable living in Singapore. This is a good news that Singapore condo price is going to decrease in near future. Now it is the best time for you people to buy a home for the perfect living of the people in Singapore. When making the purchase of a house, there are several costs that are associated with the purchase of a house. The costs that are related to the Singapore condo price.
Toa Payoh is the district which is located in the center of Singapore. It is very localized not many tourists and foreigners go there, but the reason it is so well-known is that of the headquarter of Housing Development Board (HDB). The people looking to purchase houses go to the headquarters to find more information to apply for it and to purchase it.
As of 2013, statistics Singapore reported that about 80% of the resident population live public housing. Public housing is usually flats/apartments and HDB have rolled out different types and layouts to cater to various housing budgets. These Houses were built primarily to provide affordable housing for the masses but due to changing demands there were more up-scale Public Housing Developments in recent years.
The Singapore condo price is falling but the demand for the house is also increasing rapidly and more strongly. With this increasing demand for the houses, the home builder is now satisfied and their sentiments are also improving. The index of private residential property fells down by 2.77 percent. According to the estimates of Urban Redevelopment Authority (URA), this index is falling from 13 consecutive quarters. When adjustments are made for inflation rate than during this period Singapore condo price fells by 3.45 percent. During the first quarter of 2017, with the inflation-adjusted rate of -0.56 percent then the Singapore condo price falls down by 0.36 percent.
Here we talk about the Singapore condo price 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 Singapore condo price is fell down by 2.5 percent with the inflation-adjusted rate of -3.2 percent.
In the outside central region, prices in Singapore fall down by 2 percent with the inflation-adjusted rate of -2.6 percent.
Most people don’t have that much amount of money in their bank account so they can use it for buying a house, that’s why they go for a bank loan for purchasing their house. One thing to keep in mind is that with thirty-year house loan of the actual price of for example S$300,000 you also have to pay interest with it which is S$77,412 this means that the actual price you have to pay is S$377,412 to make the purchase possible. This is just for example there are many house buying loans schemes and also the buyer can refinance them.
There are many condos which are financed by a bank and for that bank need insurance of house owner. In some scenarios the bank charge monthly fee withholding this insurance. This type of insurance is required by the bank because they own the condo from a technical point of view. The entire value of condo could be lost in case of fire or flood leaving the bank with no guarantee of house loan. The consumer is free to not go with many types of insurance. It is important to note that holding house owner’s insurance is a very right decision even if the condo is purchased by fully self-financed. Addition to fixtures, windows, and wall there are many items which are covered by homeowner’s insurance. The total value of insurance you are going to shop is based on how much coverage you needed for you and your family.