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Real Estate in Singapore, Singapore | Digital Nomad Exchange
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Marina Bay, Singapore

Real Estate in Singapore

By Betsy Burlingame

Last updated on Sep 17, 2024

Summary: The average cost of a nice 2 bedroom home in Singapore, Singapore is around $1.2 million USD, while a nice 3 bedroom home is around $1.8 million USD. These properties typically include modern amenities such as air conditioning, high-speed internet, and a fully-equipped kitchen. Some may also include a balcony or terrace, a swimming pool, and a gym. Foreigners are allowed to purchase property in Singapore, but there are restrictions on the type of property they can buy. For example, foreigners are not allowed to purchase HDB flats, which are public housing units. When searching for a home to buy in Singapore, expats should consider their budget, desired location, and the type of property they are looking for. It is also important to research the local market and consult with a real estate agent to ensure they are getting the best deal. The most desirable neighborhoods in Singapore include Orchard Road, Sentosa, and the Central Business District. These areas offer a variety of amenities, including shopping, dining, and entertainment. They are also close to public transportation and have easy access to the rest of the city.

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How do I find a place to live in Singapore?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"When looking for a place to live in Singapore, it is important to consider your budget, location, and lifestyle. Start by researching different neighborhoods and areas to find one that best suits your needs. You can also use online resources such as property portals and rental websites to search for available properties. Additionally, you can contact real estate agents to help you find a suitable place to live. Once you have narrowed down your search, you can visit the properties in person to get a better feel for the area and make sure it meets your needs," said one person in Singapore.

"I selected my house on its proximity by the sea. I called a property agent; he turned out to be a great help in getting me the unit I'd set my eyes on," remarked one foreigner who made the move to Singapore.

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What is a typical expat home or apartment like in Singapore?

"Expat homes and apartments in Singapore tend to be modern and luxurious, with high-end appliances and furnishings. Many expats choose to live in high-rise buildings with stunning views of the city skyline. Expat apartments often come with amenities such as swimming pools, gyms, and other recreational facilities. Expats also have access to a wide range of international restaurants, shopping malls, and entertainment venues. Singapore is known for its excellent public transportation system, making it easy for expats to get around the city," explained one person living in Singapore, Singapore.

"I stay in a condo. Yes, most expats prefer a condo, although some live in landed properties. It should be said that nowadays more and more expats stay in HDB flats too," said one expat in Singapore.

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What is the average cost of housing in Singapore?

If you are thinking about moving to Singapore, cost of living in probably a key consideration. Expats commented about the cost of housing:

"Housing costs tend to be higher here than in Holland. Average cost of housing in Singapore is hard to say, but generally you won't find anything decent below S$1500,-," said one expat who made the move to Singapore.

"The cost of housing in Singapore is generally quite high, with the average cost of a home in the city-state being significantly higher than in many other countries. Renting a property in Singapore can also be expensive, with the average cost of a one-bedroom apartment in the city-state being among the highest in the world," explained one foreigner living in Singapore, Singapore.

Should I buy or rent a home in Singapore?

If you have not spent a lot of time in Singapore, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"Buying a home in Singapore can be a great investment, as the city is known for its strong economy and real estate market. However, it is important to consider your financial situation and lifestyle before making a decision. Renting a home in Singapore can be a great option if you are looking for flexibility and don't want to commit to a long-term purchase. It can also be a great way to explore different neighborhoods and find the perfect place to live. Ultimately, the decision to buy or rent a home in Singapore depends on your individual needs and preferences," explained one expat living in Singapore, Singapore.

What do I need to know when buying property in Singapore?

When we asked expats what advice they would give a foreigner before buying a property in Singapore, they said:

"When buying property in Singapore, it is important to understand the different types of property available, such as private residential, HDB, and commercial. It is also important to research the area you are looking to buy in, as well as the local market conditions. It is also important to understand the legal process of buying property in Singapore, including the various taxes and fees associated with the purchase. Additionally, it is important to understand the different financing options available, such as bank loans, mortgages, and other financing options. Finally, it is important to work with a qualified real estate agent who can help you navigate the process and ensure that you are making the best decision for your needs," said one foreigner living in Singapore, Singapore.

Are foreigners allowed to own property in Singapore?

When we asked expats what advice they would give a foreigner before buying a property in Singapore, they said...

"Foreigners are allowed to own property in Singapore, but there are certain restrictions in place. Foreigners can purchase private condominium units and apartments without any restrictions. However, they are not allowed to purchase landed properties, such as bungalows, terrace houses, and semi-detached houses, unless they obtain approval from the Singapore Land Authority. Additionally, foreigners are not allowed to purchase Housing and Development Board (HDB) flats, as these are reserved for Singapore citizens and permanent residents," wrote one expat who made the move to Singapore.

What appliances are typically included in a rental?

We asked foreigners in Singapore what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"In Singapore, rental properties typically include a refrigerator, washing machine, air conditioner, and stove. Some properties may also include a microwave, dishwasher, and water heater," explained one foreigner living in Singapore, Singapore.

Additional Information about Searching for a Home in Singapore:

We asked foreigners in Singapore what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats searching for homes in Singapore typically begin by researching the local housing market and familiarizing themselves with the various types of properties available. They may consult online property portals, real estate agencies, and expat forums to gather information on the latest listings and rental rates. Additionally, they may seek recommendations from friends, colleagues, or fellow expats who have experience in the Singapore housing market. When searching for a home, expats often consider factors such as proximity to their workplace, international schools, public transportation, and amenities like shopping centers and recreational facilities. They may also take into account the neighborhood's safety, cleanliness, and overall atmosphere. Once they have identified potential properties, expats usually schedule viewings with the help of a real estate agent or the property owner. During these visits, they assess the condition of the property, the surrounding area, and any additional costs such as maintenance fees or utility bills. After finding a suitable home, expats typically negotiate the rental terms and conditions with the landlord or property agent. This may include discussing the lease duration, monthly rent, security deposit, and any additional clauses or requirements. Once both parties have agreed on the terms, they sign a tenancy agreement, and the expat can move into their new home in Singapore," wrote one expat who made the move to Singapore.

About the Author

Betsy Burlingame Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.

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