It is no secret that Singapore’s property market has been on a wild ride in recent years. Rapid price increases for both private and public housing have caused much concern among citizens, with many worrying about how they will ever be able to afford a home of their own.
In this context, the resale HDB market has seen an especially dramatic increase, with prices reaching all-time highs. What is less well known, however, is why this is happening. To shed some light on this question, we decided to take a closer look at the data on resale HDBs. In particular, we wanted to explore the factors that are driving up prices and see if we could identify any patterns.
Convenience
The first and most obvious reason why HDBs are becoming more popular is that they are simply more convenient than private housing. For one thing, they are located in the heart of Singapore’s urban areas, making them ideal for those who work in the city.
Additionally, HDBs come with a wide range of amenities and facilities that make day-to-day life more convenient, as seen on this site. From schools and childcare centers to hawker centers and supermarkets, everything you need is usually just a short walk or bus ride away. This is in contrast to private housing estates, which can often be quite far from such amenities.
Affordability
HDBs also tend to be much more affordable than private property, especially for first-time buyers. While the prices of resale HDBs have been rising in recent years, they are still significantly cheaper than private homes. This is an important consideration for many buyers, who may not be able to afford a private home even if they wanted to.
Additionally, HDBs typically have much lower maintenance costs than private condos, making them a more cost-effective option in the long run. For example, you will not have to pay for things like security guards or swimming pool maintenance.
Flexibility
Another advantage of HDBs is that they offer more flexibility when it comes to housing options. For example, buyers can choose from a wide range of unit types, from one-room apartments to five-room flats. This flexibility is important for those who need to find a home that fits their budget and needs.
Additionally, HDBs can be easily renovated or extended, giving buyers the ability to customize their homes to their tastes and needs. For example, many HDBs come with built-in wardrobes and kitchen cabinets that can be easily removed or replaced.
More Room for Upward Mobility
In addition to being more affordable and flexible, HDBs also offer more room for upward mobility. This is because HDBs are typically located in mature estates that offer a wide range of amenities and facilities.
As a result, buyers who start in an HDB flat will have the opportunity to move up to a private condo or landed property as their needs and budget change. Additionally, mature estates tend to have better transport links, making it easier for residents to commute to work or school. For example, many MRT stations are located within walking distance of HDBs.
Better Connected to the Rest of Singapore
HDBs are also better connected to the rest of Singapore. This is because they are located in urban areas that offer a wide range of transportation options. For example, many HDBs are located near MRT stations, making it easy for residents to get around.
Additionally, many HDBs are located near bus stops and major roads, making it easy for residents to commute to work or school. This is in contrast to private housing estates, which can often be quite far from such amenities. Also, because HDBs are located in urban areas, they tend to be closer to shopping malls, restaurants, and other amenities.
HDBs as an Investment
Finally, it is worth noting that HDBs have also become popular as an investment vehicle. This is because HDBs typically appreciate value over time, making them a wise investment for those looking to make some money.
Additionally, HDBs can be rented out, providing a steady stream of income for the investor. For all these reasons, it is not surprising that the resale HDB market has been on the rise in recent years. With prices expected to continue to rise, HDBs are likely to become even more popular in the years to come.
These are just some of the reasons why resale HDBs are becoming more popular in Singapore. They offer several advantages that make them appealing to buyers, especially in today’s market. With prices continuing to rise, we will likely see even more buyers turning to the resale HDB market in the years to come.