Don't mess with the property market then you don't have to worry whether the rental go up or down. Buy the type or size of house that you can afford, then go and stay there. Don't be bother by whether the property price goes up or down.
In the long run so long as we are not overstretched and can sustain, it isnt a problem. I have been a landlord almost 20 years. Have ridden out subprime and covid. Not a problem as we keep healthy amounts in cash. If we bought low , it isnt a problem even when rents are low as it still covers. Moreover capital gains have been great.
Looks like buying a condo for retirement with the intention to rent out is not a viable option bearing in mind the high cost of acquisition now. I agree market is very likely going south from here on.
Co-living, sub-rental may posed a higher risk for landlord, if strangers may have committed crime or used your property address for the purpose of illegal activities.
Singapore rental market is volatile by nature because its its largrly depends on foreigners they come and go, unlike other countries there is large number of local longterm renter
Rich man problem. Many are even struggling to pay for their hdb. Sounds like a serious bread and butter issues but then affect only people with 2nd property and above. They are already living above average sgporeans.
I have an one bedroom condo. Before covid, i was renting out at $2000. When rental peak, it was rented out at $3200. Now it is going at $2700. Still better than before covid.
I totally agree with you that the condo rental market is in trouble now. There is simply too many supply in the market. Some of my friends have problem getting tenants for their condos and some have their asking rental reduce by alot. Things are definitely not looking rosy.
Dragon mentioned about HDB. Just curious does the rental dropping also include room rental for both HDB and condo? How much does it cost to rent a room in Seng Kang for HDB and condo near if MRT?
Property market is headed for a modest down cycle. Those who going to be in the most trouble are those who bought leasehold in popular launches hoping for a quick flip. Even if you have holding power, the lease draw down from bagholding during the down cycle will eat into the resale price.
But Ku Wee Yong said this: "Based on the new sales by developers in the last 5 months, we will be lucky to hit a total of 6,000 units sold by developers in the whole of 2024. A line in the article about Govt Land Sales, "The total supply of 11,110 potential new private homes that the government is releasing this year will be the highest supply introduced into the market in a single year since 2013."
2 of my friends managed to rent out their condo at holland road n Simei recently. Their rentals are still good .. I do not think the rental market is all doomed as mentioned. There r many expats who still come to work in Singapore. In fact it is those friends who bought properties in jb that are bleeding. They said Malaysians do not buy condo as they only want to buy landed so they have exit problem.. cannot sell their properties. Another few friends told me the landlords in Malaysia do not pay condo maintenance fees n after a few years the condo become old n not well maintained n they have problem renting them out .. new condo sprout out n tenants go for new condo .. rental issue .. So before u put your $ to buy MY properties, think who are u going to sell to next time .. Over the years, many friends have bought Malaysian properties n so far, none have made any $ (after conversion to sgd). I will consider v v careful before I put my $ there. Ok to go there for food, massage, groceries but for investment, I will think twice ..
@@dragontan6132their condo is in holland road, not anywhere near tertiary institutions.. the other one in Simei also not near any institutions.. It may take a longer time to rent out but definitely not as doomed as u make it to be. Many expats especially those in finance are still coming in. Singapore does have a long list of talents from overseas wanting to come here to work n live. We are now a very attractive city for foreigners who want to work, bring up kids in sg. Those foreigners that left Singapore may not be the top talents that we want to attract. So no need to be alarmed that some foreigners want to relocate elsewhere. For every 1 foreigner who wants to relocate, 100 more are on the wait list to come here to work n bring up children. Singapore is now a powerhouse.. we want talents that can lead our guppies so they will have budgets for our rental.
@@dragontan6132 yes soften compared to the hike n craze in 2023 but definitely not in trouble as stated on the headline of this video.. In fact I think properties r back to those pre Covid days ..buy properties for long term, not for speculation.. In the long term, population will increase, there will be need for housing.. it can be used to hedge against inflation. Research shows that in a normal interest rate environment, every 10 years the property price will double n I found that this is true.
Rentals fluctuate all the time in SG. This is normal. We came out of COVID with severe under supply situation which drove up rents. Right now there is a push back due to more incoming supply of housing. This is expected. Those landlords that can survive are those that are not heavily leveraged. Also, if you can survive during COVID times, you can survive anything. This period now isn't that big of an issue.
But I dun think it will b so smooth like local MRT in SG. Would still be time consuming. And those who dun mind to travel back is only those live in JB near border. Not everyone can stay in JB and can commute to SG daily for work in terms of immigration and convenient reasons.
Current rental prices are still way ahead of pre-covid levels. Let inflation guide capital appreciation and rentals cover the mortgage and cash flow. perfect combination!!
From URA: Internal partitioning works within a residential unit can be allowed without planning permission from URA if the unit continues to retain a self-sufficient layout with essential communal spaces and amenities. This means the residential unit should generally maintain a regular-sized living/dining area of 20sqm in size and 3m in width or larger. The original layout of spaces like kitchens, service yards and balconies etc. should also be retained and these spaces are to be excluded from the living/dining area computation.
For HDB, Only bedrooms originally constructed by HDB can be rented out. All other parts of the flat (including partitioned rooms) cannot be used as bedrooms for tenants.
This video is not correct. Condo rental has minor corrections. But last time there was significant increase. Overall its still a huge jump compared to pre pandemic.
When that someone so over estimated the market that they could collected way over 100% more property tax in 2023. LL especially those in condo knew they are going to be in trouble. Not only does interest rate remain high, principle for condo are always way higher.
Looking in from a foreigner's perspective, it seems like Singapore may be a rich country, but it does not necessarily mean that Singaporeans are "rich". Life is a struggle, everywhere in the world and being "rich" does not necessarily bring happiness. It's better to be happy.
20,000 PROJECTS do not mean 20,000 units of condominiums. 1 condominium project can have 3 blocks of condominiums. Each block can have 50 Units. So 20,000 projects can mean 20,000 x 3 x 50 = 300,000 condominiums additional. Coming on the market in 1 year. Did Dragon Tan use the correct terminology? If he does not know the difference, then what kind of real estate "expert" is he?
Very good news....now is time to force sell condo as low rental can't cover mortgage repayment + possible retrenchment, RTS is also coming in end 2026! Do not trust ppty agents
Why not, if 2 yrs ago you leased out a 1200 sq ft 2 room condo that 100 m away from mrt station only at $2600, coming oct lease expire your neighbour is renting out 3.3k, you should hv no problem to renew yr rent to $3.2k.
Even down market I also increased rental, not much 50 to 100 during down turn, long term tenants will not want the trouble to move. Good landlord hard to come by.😊 after Covid is 50 to 100% increase 😂.
i have 2 personal cases from 1 is grab friend & 1 is colleague Expats earning $30k & $29k respectively. Both are with family 2 kids. pack their bag and left singapore.
Unfortunately, Rental markets are managed by property agents and not owners. Agents usually doesn't lower the rentals despite the fact rentals before covid was much less. Owners and agents should understand market is cooling off and they should not expect the rentals as before anymore. otherwise, they anyways face the heat of loan EMI's and rising housing tax.
That is why we shouldn't be swayed too much by housing agents to purchase properties as "investment" and take all too much loans. It all boils down to how much leverage U take on and you and only yourself can truely decide how much loan you want take on. Don't be persuaded or be sweet-talk by those housing agents..end of day, U default on Ur loan or have cash flow problem..the agents wouldn't be there to "help" you. Once they obtain their commission, their job is done and they disappear
😂😂😂 .. not all from hell . There are good souls as well . Human is capable of doing both good and bad … i have seen agents doing pro bono for the poor too .. i applaud them as well
@@dragontan6132 well agents are typical salesman..they only communicate and mention good pointers and avoid bad pointers outright. You don't ask, they wouldn't mention outright. You ask, they reply in general or try to structure the reply in a positive manner to lessen the impact of negativity.. so trust no one but your own good self judgement and calculate your own risk. Rmb to factor in future loss of income (due to unforeseen circumstances/health issues), loan interest increase (alot didn't factor that and assume that loan repayment sum will remain the same), increase in mthly maintenance/sinking fee.. Housing loan repayment should be limited to max 10% of one's income.
Mr Loo, please refrain from interrupting. It is not only basic manners, but also basic interviewing skills not to interrupt during an interview. Thanks.
I think his interruptions were well timed and managed to allow Dragon to add additional information he would otherwised have missed when addressing a less familiar audience.
Mr Loo is not doing an interview. Don't think he was interrupting. It was more like a chat session with a friend. You need to learn to use "kindly refrain" and not "pls stop". Do not tell others "pls learn". It sounds condescending. I hate to say this but you need to learn more about being polite
People think they can get "extra" money from rental.. Just have to be realistic about it that it is not always the case. During covid, it is shown that remote work is possible so all those backend support can move or move back to lower cost countries... Also, all these FWA policy is a double edged sword also.
BY 2030 SINGAPORE POPULATION WILL CROSS 7 MILLION PROPERTY PRICE WILL INCREASED BY 50%. THE GOV HAD ONLY 1 WAY TO GROW THE ECONOMY IS BY “UNLIMITED INCREASE OF FOREIGNERS INTAKE”. SINGAPOREAN IN SINGAPORE JUST INVEST IN PROPERTY BECAUSE SINGAPORE POPULATION WILL GROW TO 7 MILLION AND 8 TO 10 MILLION BY 2045. 🙈🙈🙈
