Singaporean real estate market is rather confusing due to its numerous branching, routine fluctuations in prices and dynamic changes according to foreign investors’ interest and global economy. At the same time, Singaporean population is growing, and the country remains one of the most attractive destinations to look for a business opportunity. People flock here, and one of the first issue they are faced with is a search for a dwelling. To help this search and clarify a bit slightly confusing real estate market options, here’s a rough division and overview of the most common dwellings in Singapore.
The cheapest option – Public housing
These rather affordable homes emerged as the Government’s project and intervention towards real estate market several decades ago, when rapidly developing industry in Singapore caused real estate prices to skyrocket. Majority of Singapore citizens live in these apartments, but the necessary qualification is to have an income lower than a certain amount. These public dwellings come in various forms, with the prices slightly varying. It includes studio apartments mostly for elder citizens, two-room flat, three-room flats, four and five-room flats (suitable for young families), executive flats and one specific design – 3Gen flats (designed for multigenerational families).
Somewhere in between Public-private combinations
The most common form of these dwelling refers to executive condominiums. These real estates are public housing, slightly more expensive than common public apartments, with consequential better living conditions, but also with one specific commodity. After a certain year of living and possessing this type of housing, you get the right to trade it on real estate market or to completely privatize it into personal property. The major drawback is precisely determined the minimum number of years you have required it live here before you get these options. These dwellings are particularly popular among young families and emerging businessmen.
Private housing sector
With a steady income and proper approach to real estate market, you will find Singaporean private housing sector rather attractive, diverse and highly appreciated locally and at the global real estate market. Condominiums and apartments are two most common forms of private dwellings, but there are some spacious areas in Singapore where landed property is a dominant form of dwelling. It includes terrace houses, bungalow houses, conservational and tower houses and luxury villas. Although the landed property is considered to be the highest level of economy and social ladder in Singapore, it is possible to find and purchase landed real estate at not so shocking prices.