SG’s Private Condo Resale Market: The Rise and Fall of 2022-2023
Navigating Singapore’s Property Market in 2023
Strategies for Families
- Keep an eye on the resale HDB market: With the recent Singapore Budget move to increase housing grants for first-time buyers for HDB, the demand for resale HDB may be pumped up. This could propel second-time homebuyers to look at resale condos instead! Families can consider this option and look for suitable HDB units to upgrade their living space.
- Consider rental income: With the price gap between sellers and buyers remaining wide, sellers may face some price pressures when more homes are completed in the coming months. Some homeowners may also be inclined to keep their units for rental income, as rents remain firm. Families can consider this option to supplement their income and build a long-term asset.
- Look for good deals: While the overall private resale volume declined by an average of 32% in 2022, families can still find good deals in the market. With condo resale volumes falling for four months, sellers may be more willing to negotiate prices. Families can take advantage of this and look for suitable properties at a lower price.
- Keep an eye on market trends: It’s important for families to stay updated on the latest market trends and developments. For example, with the loosening of restrictions for foreigners entering Singapore and the strength of the Singapore dollar against foreign currencies, higher resale activity could be seen in the private resale market in the coming months. Families can use this information to make informed decisions about their property investments.
- Plan for legacy: Legacy planning is an important consideration for families when it comes to property asset progression. Families should consider the long-term value of their properties and how they can be passed on to future generations. This may involve setting up a trust or other legal arrangements to ensure that the property is managed and distributed according to their wishes.