Discovering Singapore 2022

Renting or buying

Most expats moving to Singapore choose to rent their accommodation given that the property prices are high.

Most properties in Singapore are let through agents, whose main task is to vet prospective tenants and who often represents the Landlords. Note that both multiple listing system and an open listing system are mostly practiced in Singapore. This means that a listing may have a an exclusive or sole agent or a listing may have a few agents marketing the same property. Viewings for accommodation are usually at set times. Real estate agents are not the only option when looking for housing. Private offers can be found directly from landlords through local newspaper advertisements and some property search websites. Good properties are not on the market for very long and there is not much point in looking for a place before you arrive in Singapore. Furthermore, it is not legal or recommended to sign a tenancy agreement without viewing the place beforehand. Rental rates usually can be negotiated . If you’re renting a private property, the Singapore Urban Redevelopment Authority (URA) publishes quarterly reports that sheds light on which direction rental prices have been moving overall. Helpful Hint: For information on private residential property transactions, you can go to this URA link: https://www.ura.gov.sg/realEstateIIWeb/resiRental/search.action

Buying a property

Buying a property is not a popular option for most expatriates in Singapore unless they plan to stay longer or have converted their status to Permanent Residents (PR).

Understanding the Rental Contract Prior to signing the tenancy agreement, it is important to read and understand the terms of the rental agreement. Your consultant will act as your advocate during the process. There is no state tenancy contract and most tenancy agreements are provided by the Landlords. Be sure to read the contract carefully, as once it’s been signed, its conditions will be legally binding.

Duration of Rental Contracts The standard lease periods are usually one or two years.

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Discovering Singapore 2022