When is the good time to buy Properties?

when is the good time to buy  properties?
property insight by real-estate-guy.com

When is the good time to buy properties in Singapore?

Tons of buyers worried that they have entered the properties markets at the wrong timing.

So the very common question in their mind is when is a good time for me to buy a property.

A lot of advising keep coming to them from friends.

There are a lot of different versions of the answer

Some say the price is too high now, not a good time to buy.

Oversupply of unsold units, there is a supply glut, developers will need to reduce the price to sell.

It's all the answer matter you?

Property investment is a long time commitment and must be properly managed.

Firstly, you must understand why you need to buy the property?

Whether is for own stay or for investment?

Do you have a proper plan for what you intend to do with the property?

Let understand a bit more on Singapore and how the populations affect the demands for housing in Singapore markets.

Sinagpore population

Singapore is only 721.5 square kilometres, its smaller than a lot of big cities in the world.

In the year 2009, we only have populations of 4.988 million as shown in the chart below.

When is the good time to buy Singapore properties

Recorded as of June 2019.

According to the department of statistic, we have a population of 5.61 million.

When is the good time to buy Singapore properties

There is a growth of 622,000 thousand in populations over the last 10 years.

Now take a look at the supply of new home and sales in the market over the last 10 years.

A growth of 622,000 thousand in population in 10 years, also increases the demand for housing.

This chart shows the unit launch and sold units and the average price over the 10 years period.

When is the good time to buy Singapore properties

As you can see from the chart, an average of 12,612 units is taken each year, and we are talking on a new launch, how about the secondary market and the HDB flats.

The Singapore government is planning to have a growth in the population to 6.9 million by the year 2030.

That makes it for growth of another 1.29 million populations in the next 10 years.

Averaging 120,000 populations growth each year.

120,000 divided into a family of 4, that will be minimum 30,000 families need to have a place to stay each year.

The demand for housing is still strong in the property markets.