So, you’re thinking about moving to Singapore? Great choice. It’s a fantastic place to live—safe, efficient, packed with world-class amenities, and buzzing with opportunities. But let’s be real, the property market? That’s where things get tricky.
Between sky-high rents, foreigner taxes, and fierce competition, finding a place to call home isn’t as simple as picking out a nice apartment on a website. But don’t worry—I’ve been through the process, and I’m here to break it all down for you.
Renting vs. Buying: Which One Makes More Sense?
For most expats, the first big decision is whether to rent or buy. Each has its pros and cons, and what works for one person might not work for another.
If You’re Renting
Renting is the obvious choice if you’re new in town or staying for just a few years. But 2025 is proving to be a challenging year for tenants.
What You Need to Know:
- Rents are high and rising. A two-bedroom condo in central Singapore? Easily SGD 6,000–8,000 per month. Even in suburban areas, expect to pay SGD 3,500–5,000 for a decent unit.
- Competition is fierce. Good apartments disappear fast, sometimes within days. If you find a place you like, move quickly.
- Landlords have the upper hand. Unlike a few years ago when tenants could negotiate, many landlords now dictate terms.
What You Can Do to Get a Good Deal:
- Be flexible on location—central areas are expensive, but neighborhoods like Punggol and Jurong offer better deals.
- Offer a longer lease (2+ years) if possible, as landlords prefer stable tenants.
- Work with an agent to get early access to new listings before they hit the market.
If You’re Buying
Thinking of settling down in Singapore? Buying a home could be a solid investment, but it’s not for everyone. The government has implemented strict rules to keep the market stable, and foreigners face extra hurdles.
What You Need to Know:
- Foreigners cannot buy HDB flats. These are government-subsidized apartments, available only to Singaporeans and, in some cases, Permanent Residents (PRs).
- Condos are your only option—but they’re pricey. A modest unit in a good location? At least SGD 1.5 million. Luxury developments? Easily over SGD 5 million.
- The Additional Buyer’s Stamp Duty (ABSD) is a killer. In 2023, the ABSD for foreigners jumped to 60%. That means if you buy a condo for SGD 2 million, you need to fork out another SGD 1.2 million in taxes upfront.
Is Buying Worth It?
If you’re planning to live in Singapore long-term and have Permanent Residency (PR) status, buying makes more sense. But if you’re only here for a few years, renting is usually the better financial move.
2025 Market Trends: What’s Happening Now?
Singapore’s property market is constantly evolving, and 2025 is bringing some interesting changes.
1. Home Prices Keep Climbing
Despite government cooling measures, property prices remain high. Demand from wealthy investors, foreign buyers, and local upgraders continues to push prices up, especially for condos in prime districts.
2. Interest Rates Are Higher Than Before
Mortgage rates aren’t as low as they used to be, making it more expensive to finance a home. If you’re planning to buy, factor in higher monthly repayments.
3. New Condo Launches Are Attracting Buyers
Developers are rolling out new projects, some with attractive early-buyer discounts. If you’re in the market, checking out Elta might be worth your time.
Best Areas to Live in Singapore
Location is everything in a city like Singapore. Whether you’re after a buzzing city vibe, a family-friendly neighborhood, or a more affordable option, there’s something for everyone.
For City Lovers: Convenience at a Price
- Orchard Road: Right in the heart of Singapore’s shopping and entertainment district. Expect high-end condos and premium price tags.
- CBD (Marina Bay, Raffles Place, Tanjong Pagar): Perfect for professionals who want to live near work. Sleek apartments, rooftop pools, but be ready to pay a premium.
For Families: Space and Schools Matter
- Bukit Timah: Green, peaceful, and home to many international schools. Great for families but expensive.
- East Coast: A good mix of space, beachfront living, and accessibility. Popular with expats who love the outdoors.
For More Affordable Options
- Hougang & Punggol: Further from the city, but new condos and MRT links make them attractive options.
- Jurong: A growing business hub with new malls, parks, and connectivity. Prices are still reasonable compared to central areas.
Hidden Costs That Might Surprise You
Buying or renting in Singapore comes with unexpected costs. Here are some you should budget for:
- Stamp Duties: If you’re buying, ABSD can be a game-changer. Even PRs pay extra (5% for their first home, 30% for the second).
- Maintenance Fees: Condos charge monthly fees, usually between SGD 300–1,000, depending on facilities.
- Furnishing Costs: Many rentals come unfurnished. If you need to furnish a place from scratch, expect to spend SGD 10,000–30,000.
- Agent Fees: Renters typically don’t pay agent commissions, but buyers usually pay around 1% of the property price.
The Paperwork You’ll Need
If you’re renting or buying, be prepared for some paperwork.
For Renters:
- Passport & Employment Pass (EP) – Needed to sign a lease.
- Security Deposit – Usually one month’s rent for a one-year lease or two months’ rent for a two-year lease.
- Tenancy Agreement – Read the fine print, especially clauses on break leases and renewal terms.
For Buyers:
- Proof of Funds – Banks will ask for financial documents before approving a mortgage.
- Loan Approval (if financing) – Foreigners can usually get 75% of the property value in loans, but this varies.
- Stamp Duty Payment – ABSD and regular Buyer’s Stamp Duty (BSD) must be paid upfront.
Final Thoughts: Should You Buy or Rent in 2025?
So, what’s the best move? It depends on your situation.
is the way to go. Yes, rents are high, but it’s still cheaper than paying ABSD and locking up capital in a property.
Buying might make sense, but only if you’re a PR or willing to absorb the steep ABSD tax.
Be cautious. The 60% ABSD makes Singapore a tough market for foreign investors. Unless you’re a high-net-worth individual with cash to spare, it might not be the best place for property speculation.
