Singapore began modernization programme starting in the late 1960s through the 1970s that focused on establishing a manufacturing industry, developing large public housing estates, infrastructure, and investing heavily on public education. By the 1990s, the country had become one of the world's most prosperous nations, with a highly developed free market economy, strong international trading links, and the highest per capita gross domestic product in Asia outside of Japan. As result, property prices in Singapore also started to rise as the people became richer and it started to attract investors in the region to invest into the country.
Singapore property price index
Property prices in Singapore started to take off in the early 90's since then the market has experienced several economic cycles such as 1997 Asian Financial Crisis, 2000 Dot Com Bubble Burst, 2003 SARS, and 2008 U.S. Subprime Crisis. Below are the Singapore property price index chart which explain what has happened on the property prices in Singapore.
Looking at the price index, we clearly see an upward trend. Prices drop during the crisis but it always rise higher on the recovery period.
Singapore property division
Singapore property is divided into 3 regions namely core central region (CCR), rest of central region (RCR), and outside central region (OCR). Out of the 3 regions, it is further divided into 28 district. Core central region is located in the most prime district 9, 10, 11, downtown core, and Sentosa. These are the most expensive location in Singapore followed by RCR and OCR.
Property prices in Singapore
If you are looking property located in Core central region, you can expect the property price slightly above SGD 1 Million for the 1 bedroom. Property prices in Singapore rest of central region 1 bedroom is hovering around SGD 800K. For outside central region 1 bedroom price is about SGD 600K. The prices shown are the guideline with some exceptional depending on the exact location, distance to MRT, tenure, and size of the unit. The next thing to take note is the property tax, you can find out more at property tax in Singapore
Singapore property price outlook
Singapore is a safe haven, the market is liquid, everyone in Asia knows and trusts its institutions. Singapore property market surged before and after 2008 global financial crisis thus government began to implement cooling measures to prevent the market from overheated.
The current property prices in Singapore is stagnant due to the tight policy implemented by the government which reduce the demand. Future outlook of the Singapore property market is very positive mainly due to government plan which strive to make Singapore as a better nation. Expanding their infrastructure, attract more best talents around the world and master plan in developing new CBD are few reasons which will continue to push Singapore economy and property price higher.