Several businesses, including tourism and event management, were expected to be struck when the global COVID-19 epidemic broke out in 2020. Singapore is no different when it comes to real estate.
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When circuit breaker limits were implemented, house viewings came to a screeching halt, and the rise of the private residential property market became suspect. There were other factors to consider, such as the total financial impact of the epidemic on prospective homebuyers.
Are there any predictions for Singapore’s real estate market in 2021?
Despite the impact of the COVID-19 epidemic on numerous economies throughout the world, including Singapore, analysts say the real estate market is recovering.
According to URA figures, private residential property prices rose by 2.1% in the fourth quarter of 2020, increasing by 0.8% the previous quarter. Overall, private residential property prices rose by only 2.2% in 2020, less than the 3.0% growth seen in 2019.
The fourth quarter of 2020 saw again in private residential property rentals of just 0.1 percent, compared to a 0.5 percent decline in the previous quarter. Rents will rise by 1.4% in 2020, but only by 0.6% when looked at the entire year.
What’s clear is that many people believe the Singapore real estate market is still an excellent place to put their money.
Singapore’s Real Estate Market: Reasons to Invest
For what reasons does the Singapore real estate market remain so enticing? Here are a few of my favorites:
Due to the introduction of COVID-19 vaccines in Singapore and other countries and improving economic conditions in general, many people are optimistic about the future.
The government’s rapid rollout of additional budget and stimulus measures has kept employment rates high for the real estate market. This is good news. When people’s job stability is in jeopardy, Nicholas Mak, ERA Realty’s head of research and consulting, argues in the report that buying property is the last thing on their mind.
Inquiries about moving into a new house
As the pandemic spread, new housing needs emerged, and the TODAY article underlines the need for a particular style of home that can accommodate these new requirements. According to the report, people’s mental well-being will become increasingly important as the country adjusts to remote work.
A lockdown might cause a lot of tension and strain, so individuals may start looking for larger, better-ventilated residences to help alleviate that burden. This trend has been identified by PropertyGuru, an online property marketplace, which says that as remote work continues, buyers will go for larger homes in suburban zones that offer more excellent value for money rather than properties near business centers.
Dairy Farm Residences: What Makes Them Unique?
Residents at Dairy Farm Residences enjoy a serene, one-of-a-kind, mixed-use complex lifestyle that cannot be found anywhere else. Numerous nature reserves and parks surround the Bukit Timah Nature Reserve, allowing residents to enjoy outdoor activities as running, cycling, and trekking in Singapore’s largest nature reserve. Dairy Farm Residences uses natural landscaping to create a resort atmosphere that draws inspiration from the area’s forest background. Also, full-height windows and open balconies, together with wood finishing throughout the apartment, help residents feel more connected to nature.
Clavon Clementi Project
The Clavon Clementi Avenue 1 property where the Clavon condo is located is zoned for residential use. A 40-story structure with 640 units is in the works. The property has a site area of 178,064 square feet and a total floor area of 623,229.8 square feet when built up to its full potential. The price per square foot (PSF) for the new building is projected to be around $1,400.
Homebuyers are expected to be drawn to the area because of its attractive qualities. Residents will have easy access to several conveniences and services because of its location. Due to its proximity to prestigious educational institutions, including Nan Hua High, NUS High School, and the University of Singapore, real estate in this area is in high demand. You can buy a hammock or hanging chair safely and quickly Hammock Heaven
