The property market in Singapore is one of the hottest in Asia. Even COVID-19 could not dampen the property prices here.
Housing sales rebounded sharply in June after circuit breaker (Singapore’s version of a lockdown) was partially lifted.
I always find it amazing that people here in Singapore buy property like hotcakes. Most private homes cost millions, yet people are still buying them in droves.
Even recently, government-subsidised housing (HDBs) had approached the million-dollar mark. It has become increasingly common to see HDBs being sold for a million. Just google ‘million dollar HDB’.
Often, you hear the term ‘cash poor, asset rich’. Well, once you buy a property in Singapore, most of your net worth is from the value of the property – asset rich. And if you are not wealthy, most of your cash will be used to pay the house or service your housing loans, making you ‘cash poor’.