Condo for rent in Singapore: How high is the demand?



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Condominiums are becoming a housing trend in many parts of the globe. That also includes the small country of  Singapore. There are many benefits gained from living in a condominium unit even if it is a condo for rent Singapore option. One of them is that it prevents the State from allocating a large chunk of its landmass for residential properties. This is because a condominium building can house hundreds of people in a relatively small space compared to private landed properties. Thus, even the Singaporean government encourages developers to build more condominiums.

However, not everyone can buy a condominium unit. One of the reasons is the very high Singapore condo price. For that reason, many prefer to rent a condominium unit instead. Thus, the demand for condominiums for rent in Singapore increases. However, the question is how high is the demand for leasehold condominiums in Singapore. In this article, we’ll cover the three factors that contribute to high condominium demand. 

Increase in attractive condominium developments

More and more leasehold condominiums are launched every year. That is also the case this year despite the occurrence of the global pandemic. Most of the leasehold condominiums launched this year employed convenient interior designs. The M condominium, in particular, had a home-to-work condo for rent Singapore designed unit. Each unit has several store-away furniture that makes switching easy for the tenants. This unit design impressed a lot of people despite the hefty Singapore condo price. Thus, over 70% of the units in the M condominium were sold during its launch. For that reason, many developers aim to replicate the success of the M condominium.

Several leasehold condominiums that were launched this year alone offered a great variety of facilities. Usually, condominiums offer a swimming pool, gym, and spa as their facilities. Nowadays, they provide more facilities than that. Developers design condominium units with several pools. Aside from the gym, they included other sports facilities like basketball courts, tennis courts, and even a track and field area. Spas, lounging areas, gardens, and wellness pavilions are also included in their list of facilities.

The amazing condo for rent Singapore unit design alone can already attract a lot of potential tenants. Adding these exclusive facilities into the deal will only further pique the interest of many Singaporeans. These will not only win over tenants but also real estate investors. As a result, the demand for condominiums will only increase. 

Foreign interest in Singapore 

Singapore is known as the business hub of Asia. That is because they have the most beneficial regulations when it comes to foreign business ownership in the country. For that reason, many foreigners go to Singapore to start their businesses. This resulted in having lots of job opportunities for everyone. However, Singapore has a relatively small population. That is why many businesses hire people from overseas to come and work in Singapore. With these many foreigners coming into the country to do business or work, they will need a place to live in. A good option for them is a condo for rent Singapore unit.

Singapore is very strict with foreigners regarding owning or renting residential properties. However, any foreigner is free to own a condominium unit in Singapore. That is as long as they can afford the Singapore condo price. If they don’t, they are free to rent a condominium unit or room. Thus, the demand for condominiums increases because of the increasing numbers of foreigners staying in Singapore.

Continuously increasing Singapore condo price

Singapore has one of the most expensive real estate industries in the world. In addition, it also has the most stability in regard to property prices. Many economic challenges occurred in the country in the past years aside from the global pandemic. However, property prices in Singapore remain resilient. This stability in prices has attracted many individuals to invest in properties including condo for rent Singapore options. 

The Singapore condo price continuously increases as the supply remains low. That is because it takes years to build a condominium. We all know that if there is a high demand but low supply, the price increases. Thus, the increasing condominium price only proves the demand for condo for rent Singapore units is also increasing. 

Read more at SRX Property

As you have read, the demand for condos to rent Singapore units is really high. It will only increase as time goes by. More and more people will see the benefits of staying in condominiums. In the same way, more developers will be encouraged to create more attractive condominiums in the future. Thus, you should consider renting a condominium unit. If you want to learn more about renting condominiums and the Singapore condo price, read more about it on SRX Property. 

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