People’s preferences are changing, their paying capacity is changing and this is leading to a big change in trends in the sale of condos in Singapore. From the beginning of 2019, the market saw a huge drop in the sales of big condos that have sprawling floor space of more than 1000 sq ft. With a decrease in that, there was a remarkable jump in the sale of small-sized condos ranging from 500 sq ft to 1000 sq ft. To quote the exact figures from a leading research agency in Singapore, in Q3 in 2019, the sales of condos smaller than 500 sq ft increased by 15.1% and 33.5% for condos ranging between 700 sq ft and 1000 sq ft in floor size.
Smaller Size Condos Preferred by Buyers
There could be many reasons why this trend is on the uprise but one reason worth mentioning is the fact that smaller condos are much more affordable to an average household than big condos. Smaller condos are easily manageable and easier to clean while still having dedicated spaces for dining, bedrooms, living, kitchen, etc. There are different floor plans available for buyers to see and some of the sizes of the floor plans are very small. Please see Kopar at Newton Floor plans as well for the latest floor plans.
The affordability and the price factor of these smaller condos are the key factors why the market for these condos made up in total approximately 81% of all the new sales in the third quarter this financial year. And this trend is forecasted to only increase and outgrow the current numbers in the next year. When we crunch the numbers, what is equally interesting is that the buying capacity of residents in Singapore has not seen any change. So the reason why people are more interested in buying smaller condos is not because they do not have enough money to buy big ones. This further validates that comfort and living realistic matters more to people along with affordability.
Most of the residential projects in Singapore have seen a rising demand in condos from 500 sq ft to 1000 sq ft and their buyers are increasing in the market, flocking real estate agents with deals. Among the top five selling residential projects in Singapore, the condos that sold the most in the last two quarters were two-bedroom condos measuring between 500 sq ft and 1000 sq ft. The next in line were surprisingly even smaller condos that had floor size less than 500 sq ft. Well, if these numbers are anything to go by, the buying market for big condos is not looking favourable as we enter the new year. On the other hand, smaller condos are selling like hot cakes!