Singapore Property Trends: Small Condos Remain Popular, But Resale Value Needs a Second Look?
Discover the latest Singapore property trends! Small condo units are still in demand, but are they a good bet for resale? Plus, older condos are seeing more resales as buyers hunt for space and value. Intriguing, isn't it? 🤔🏠
Hello everyone! Today, I want to share two interesting pieces of news from the Singapore property market. When I saw these stories, I immediately thought, 'Wow, this is the current trend!' and became really interested. There are some points that are especially noteworthy for those interested in real estate. 👀
Singapore's Small Condo Units: Small but Consistently Loved 💖
The first piece of news is titled 'Small condo units in Singapore draw steady demand, but are harder to resell.' It seems that demand for small condo units continues to be steady in Singapore. They are particularly popular among young professionals and single households. 👩💼👨💼
However, the point to note here is that 'resale is harder.' According to the article, while small units were popular in the past due to their lower initial purchase cost, the market has matured, and there's a stronger trend towards preferring larger spaces. 📈
For example, from the first quarter of 2019 to the fourth quarter of 2023, a total of 2,530 small condo units under 500 sq ft were transacted in Singapore. This accounts for 3.7% of total condo transactions, which is quite a significant number, isn't it? 😮
But analysis suggests that it's becoming harder to increase the resale value of these small units. This is likely because buyers want more space and, given similar prices, would prefer a slightly larger unit. 🤔
Why Are Older Condos Gaining Attention Again? Seeking Space and Value ✨
The second article is about 'More older condos resold as buyers seek space and value.' In contrast to the first point, it's interesting that the resale of older condo units is actually increasing. 🕰️
Why are older condos getting attention again? It's precisely because of 'spaciousness' and 'value.' Today's buyers are looking beyond just new buildings and want ample living space. Family buyers, in particular, prioritize larger bedrooms, living rooms, and balcony areas. 👨👩👧👦
The article mentions that over 700 units of condos aged 20 years and above were resold in the year from the first quarter of 2023 to the first quarter of 2024. This is a 32% increase compared to the previous period, a definite significant change! 📊
These older condos often offer larger floor areas and can be put on the market at relatively lower prices compared to new condos. Buyers seem to value 'cost-effectiveness' by securing ample space at these attractive prices. 👍
Moreover, older condo developments are often located in good, established neighborhoods close to the city center or have well-developed amenities, which adds to the convenience of living. 🌳
Our Choice? 🤔
Ultimately, it seems the Singapore property market isn't moving in just one direction. Small condos continue to maintain steady demand due to their low entry barrier, but a cautious approach might be needed for future value. On the other hand, older condos are finding new opportunities amidst the trend of seeking spaciousness and value.
What do you think? Between the appeal of small condos and the challenges of resale, and the space and value of older condos, which aspect do you find more important? Please feel free to share your thoughts in the comments! 👇
It's always exciting to understand property market trends. I look forward to seeing what further changes the Singapore property market will show in the future! 😊