Every real estate location has its own quirks when it comes to buying and selling property, and Singapore is no exception. In fact, Singapore is one of those places that is truly unique. It is an incredibly small total area of land for an independent nation, yet they are also very modern and technologically advanced. This allows for a great amount of wealth to be created and to stay there. Because of this, there are plenty of top notch urban living spaces and that means when it comes to condo investment tips, you need to be aware of just what this market actually has to offer – because in this case it’s a lot!
Where The Demand Is
There is a strong demand for certain types of condos in Singapore, with the emphasis being on quality. While many places will talk about Singapore condo investment tips, all too many gloss over this important point. While there is a high demand – there are also many open units on the market with an estimated 14% of all newly built condos completely empty even as more are being built.
How is this possible? How can there be a really high demand but also a backlog in the overall market? This is all about understand what is in demand and what isn’t. During a serious recession you’re not going to sell as many luxury units, but there might be a demand for well-priced family units.
On the other hand in the current economy, the demand for luxury at an affordable price is actually quite high but the demand for another small cookie cutter condo put together with others of the same design in a tight space is going to fall.
That’s exactly what’s happening in the current market. There is a high demand for condos, but the right type of condos. This means if you’re going to get into real estate investing in Singapore you need to have a very clear idea of the location of the condos and the type of condos that are being built. You want to be building in towards demand, not towards a possible housing glut.
How Saturated Is The Market?
The demand for condos is going to raise and fall, and this is part of the reason why it is so important to keep track of where demand is. Some parts of the market can’t be controlled, but even when there seems to be a lot more supply than demand, there is an opportunity for investors who do their homework. In these situations, look for the type of condos that are going to be in the highest demand and move on those units, while shooting for discounts and the best prices for getting in the market because of the slow demand.
Once the market is less saturated and condo buying picks up again, you will then be in a great position to rebound with the right type of Singapore properties, and you won’t have broken the bank to get those units.
When it comes to investing in condos throughout Singapore, the best condo investment tips are going to be the ones that actually apply directly to the market. Watch local real estate blogs for Singapore (you would be surprised just how many there are) and keep track with what the trends are and where they seem to be going.
When you really focus on one area and make sure you know the markets inside and out, you will put yourself in the right position not only to invest in the right condos, but to profit big time from those choices.