Buying condo is one of the key life events for the people of Singapore and probably it is the biggest purchase for most of the people. Condos is the place where you relax, eat, sleep and feel comfortable. This article is all about Singapore condo price and what are the factors through which a person can easily figure out the actual price of the condo. If a Singaporean is going to buy his first condo he has many questions in his mind related to price estimate. Real Estate market of Singapore is one the most expensive market of the world because of this it is really hard to find a good condo in a reasonable amount on the island especially for young families it is a challenging task.
Singapore condo price is different for landed property, condos and apartments. The rate of landed properties are much higher than apartments as ownership of land is included in the landed property while on the other hand in case of apartments and condos ownership of land is not included. Singapore condo price for landed properties is around S$400 per square foot and S$2,000 per square foot. Every Singaporean who is going to buy a condo in Singapore must be aware that there are various casts factors related to condos, the purchasing cost, insurance of the house owner and amount of a bank loan are a major cost associated with the purchase of a condo. Bank loan and insurance of the owner are two costs which significantly change with the passage of the time while purchase price is made up at the time of purchase.
This is not the only area with determining the price of condo in Singapore, but there are many other factors most important one is location, that at which part of the city house is located, how much far it is from commercial area, facilities of hospital, school, park, gym etc are at how much distance, whether it is nearby from work or not, all this things matter. Singapore condo price for apartments is closer to S$400 per square foot which is much cheaper and easily affordable as compare to landed property. You can get an idea from this that a 462 square foot with single bedroom and bath, HBD apartment will be around S$200,000 which is good for young small family who is looking for a home. A larger house for an average family of four people providing more bedrooms the price will be higher. If we look for landed property in Singapore the price will be 300,000 $ or more than that. Most apartments are located at the prime location from where everything is easily accessible, mostly new developments provide such facilities in their boundary.
Most people don’t have that much amount of money in their bank account so they can use it for buying a condo, 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.
Nowadays the prices of the condos are dependent on the location of condo. The condo in the prime location means that the price of these condos are higher as compared to those condos which are located in the place where there are less facilities and are not prime area have the less Singapore Condo prices. The condo prices of Singapore is closely seen by the controllers so that it cannot go much higher and much lower. This will affect the residential sector and as a result the economy of a country. This thing is very beneficial as it reflects that prices of the condos are fair because these are controlled to be fair. The price factor is controllable by various controllers. They can control the movement at the extreme levels. The extreme rise and the extreme lowering of prices.