Following measures introduced by the government intended to reign in the housing market, Singapore’s housing prices have declined in recent months. For example, the HDB Resale Price index is 2 points lower than it was a year ago, while the prices private non-landed homes declined for the first time in 2018 in August. These might be encouraging figures for individuals that are excited to soon purchase their first home, but what other factors should these individuals take into account before preparing to buy a home?

Prices Have Actually Increased in Certain Neighborhoods

First, while home prices have declined on average across the island, not all neighborhoods have become cheaper in the past year. For example, the median price of 4-room HDB flats in Clementi has increased by 21% compared to a year ago. Similarly, prices in Serangoon, Central and Geylang have increased by more than 5% …