The cost of residential real estate in Singapore, as well as in most other cities, depends on the remoteness from the downtown, the prestige of the area, housing size, age of construction, and the availability of a fitness center, pool, etc.
Adherents of elite housing should turn their attention to the central areas of Singapore. In 2017, sales of new properties here were carried out on average at €1,996 per square foot, and secondary housing – on average at €1,724 per square foot. One of the condos of the premium class in central Singapore is the Martin Modern River Valley with 450 apartments ranging from 800 feet to 1,800 square feet.
The cost of new housing in remote areas of Singapore averages €1,540 per square foot, and secondary – €1,120 per square foot. An example of new residential real estate in remote areas is the Alexandra View with 429 apartments, completed in 2017. The Beacon Heights finished in 2012 on Mar Thoma Road, which consists of 212 apartments is a bright example of the secondary real estate market.
The most affordable housing in Singapore is government social housing – HDB apartments built and managed by the Singapore Housing & Development Board. It is in these apartments that 80% of Singaporeans live. You can become the owner of such an apartment on loan for 99 years (with the possibility of further extension). HDB apartments cannot be resold during the first five years, and to foreigners during the first ten years.
Paying utility bills in Singapore is quite simple: one company is responsible for the entire communal apartment – SP Service. On average, one pays €91-136 per month for a one-bedroom apartment.
Additional costs for the purchase of housing
When buying a home in Singapore, in addition to mortgages and down payments, there are other financial costs, such as stamp duty. All this must be taken into account before deciding on the acquisition of real estate.
It is also worth considering the property tax in Singapore, which real estate owners must pay at the beginning of the year. The tax rate depends on how the property is used:
- for owners of residential real estate – from 0 to 16%;
- for non-owners of residential real estate – from 10% to 20%;
- for non-residential objects that are used for commercial or industrial purposes – 10%.
Also in 2018, the stamp duty was increased in Singapore – now, you need to pay for additional property. The tax on the second property was increased from 7% to 12%, and on the third and subsequent ones from 10% to 15%. For foreigners, this tax is equal to 20%.