It’s no secret that property prices in Singapore have been on the rise in recent years. We can see the upward trend in the property demands in Singapore, but the supply of property has not been able to keep up with it. So, if you think that the price of houses will be lower in the coming years, you are in for a shock.
That said, there is no better time than now for you to buy a new home or upgrade your current property. Want to know why? Check this out:
1. Singapore’s Population Is Growing Rapidly
You are not wrong if you thought that Singapore was getting crowdier by the minute. According to recent reports, the population size of the country is growing by 3.4% to become 5.64 million people in June 2022. What’s more, this happened after two years of declining population growth rate.
Based on the projection back in 2013, Singapore is on its way to a total population size of up to 6.9 million people by 2030.
So, what does it mean for the property industry? As the population grows, the demand for housing also rises, which will increase property prices across the country.
2. Increasing Birth Rate and Decreasing Death Rate
Singapore’s citizen birth averaged 32,200 per year from 2017 to 2021, and based on this trend, the number will not decrease anytime soon. At the same time, the country’s death rate has been decreasing over the years, and in 2021, the total number of deaths was 24,292.
From year to year, the average family size keeps getting bigger, and there are more households with multigenerational families. As this is happening, families will be looking for better housing to fit their needs, which only drives up the demand.
3. Decreasing Number of Housing
So far, we have only talked about the increasing demands for properties. But how about the supply of new homes to meet this demand?
Based on the figures by the Urban Redevelopment Authority (URA), new property launches have been at an all-time low, especially during Q1 of 2022, where only a little over 500 new units were launched during the period.
At the same time, the total number of expected completion of private residential units and executive condominiums will be just 978 units from 2026 onwards. Unless more projects are being started from this period until then, we could be seeing a serious dwindling of upcoming properties.
The Time To Buy Is Now!
With the population steadily increasing and the cost of land and construction not getting any cheaper, it is evident that Singapore property prices will be astronomical in the coming years. However, that does not mean that it will be difficult for you to own new property or upgrade your current home to a better one.
All you have to do is start planning now. And the best part is Property Price is ready to guide you on every step of your property journey! Contact us for a free and non-obligatory consultation.
As the saying goes, the best time to start was yesterday. The next best time is now.
