Singapore Apartment Prices 2023: What You Need to Know Before You Buy


Singapore, renowned for its robust economy, excellent infrastructure, and high quality of life, has always been a desirable location for both locals and expatriates to own a property. However, the high demand for real estate coupled with limited land availability has resulted in relatively high property prices. As we head into 2023, it is essential to understand the factors influencing Singapore apartment prices and the essential considerations before making a purchase.

Factors Influencing Apartment Prices



The price of the apartment is significantly influenced by its location. Apartments situated in the most sought-after districts, such as the Central Business District (CBD), Orchard Road, and Marina Bay, command higher prices due to their strategic location, proximity to amenities, and prestige associated with the address. Conversely, apartments located in suburban areas or farther from the city center are generally more affordable.

Supply and Demand

The law of supply and demand significantly influences apartment prices in Singapore. When the demand for apartments outweighs the available supply, it usually leads to a surge in prices. On the other hand, when there is a glut of apartments available and the demand is low, prices typically tend to drop.

Government Regulations

The Singapore government has implemented several cooling measures to ensure a stable and sustainable property market. These measures include the Additional Buyer’s Stamp Duty (ABSD), Loan-to-Value (LTV) limits, and Total Debt Servicing Ratio (TDSR) framework. These regulations impact the purchasing power of buyers and, consequently, apartment prices.

Economic Conditions

The overall economic conditions of Singapore also influence apartment prices. A strong economy, low unemployment rate, and high purchasing power generally lead to increased demand for apartments and, consequently, higher prices.

Considerations Before Buying an Apartment

Budget Planning

Before purchasing an apartment in Singapore, it is crucial to plan your budget carefully. Apart from the apartment’s purchase price, there are several additional costs associated with buying a property, such as the Buyer’s Stamp Duty (BSD), Additional Buyer’s Stamp Duty (ABSD), legal fees, and agent commissions. The BSD is applicable to all property buyers and is calculated according to the purchase price or market value of the property, whichever is higher. Foreigners are required to pay an ABSD of 20% of the purchase price or market value of the property, in addition to the standard BSD.


Securing financing is an essential step in the apartment buying process. Banks in Singapore have strict lending criteria, and it is important to determine your eligibility for a property loan before starting your apartment hunt. Factors that banks consider when assessing your loan eligibility include your income, credit history, and existing debts. Obtaining a loan pre-approval before starting your apartment hunt is advisable as it will give you a clear idea of how much you can borrow and show sellers that you are a serious buyer.

Choosing the Right Location

The location of the apartment is one of the most important factors to consider when purchasing a property in Singapore. It is advisable to choose a location that is well-connected by public transportation, has a wide range of amenities, and is close to business and entertainment districts. Some popular areas for expatriates and foreign investors include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas are well-connected by public transportation, have a wide range of amenities, and are close to business and entertainment districts. New developments, such as Newport Residences, also offer modern amenities, strategic locations, and potentially higher returns on investment.

Legal and Administrative Processes

After finding an apartment that meets your criteria, the next step is to complete the legal and administrative processes required for the transfer of ownership. This includes signing the Option to Purchase (OTP), paying the down payment, and completing the Sale and Purchase Agreement (SPA). It is advisable to engage a lawyer to handle the legal documentation and ensure that the transaction proceeds smoothly.

Future Resale Value

When purchasing an apartment, it is important to consider its future resale value. Factors that can influence the resale value of an apartment include its location, size, condition, and the overall property market conditions. It is advisable to purchase an apartment in a well-established and sought-after location, as it is more likely to appreciate in value over time.

Additional Considerations


Another essential consideration when purchasing an apartment in Singapore is the potential rental yield. With a large expatriate community and a steady influx of foreign professionals, the rental market in Singapore is always in demand. Therefore, purchasing an apartment in a location popular among expatriates and near business districts can yield attractive rental returns. Additionally, it is crucial to consider the maintenance and management costs associated with owning an apartment. These costs include monthly maintenance fees, property taxes, and insurance. Lastly, it is advisable to research the developer’s reputation and track record. A reputable developer with a history of delivering high-quality projects will likely provide a better quality apartment and potentially higher returns on investment. Considering all these factors will not only help you make a well-informed decision but also ensure that your investment in the Singapore apartment market is a fruitful one.

Overall, the Singapore apartment market is influenced by various factors, including location, supply and demand, government regulations, economic conditions, and the potential rental yield. By carefully considering these factors and planning your budget, securing financing, choosing the right location, assessing the condition of the property, completing the necessary legal and administrative processes, and considering the future resale and rental value of the apartment, you can make an informed decision and secure a valuable investment in the Singapore apartment market.



Purchasing an apartment in Singapore is a significant investment, and it is important to understand the factors influencing apartment prices and the essential considerations before making a purchase. Careful planning, research, and consideration of the above factors will help you make an informed decision and secure the best deal for your new home or investment property. Remember to plan your budget carefully, secure financing, choose the right location, assess the condition of the property, complete the necessary legal and administrative processes, and consider the future resale value of the apartment. Happy house hunting!