Singapore: Homes like Riverfront Residences in areas with limited land Singapore homes are usually small because there isn’t much land available for private use and buyers want enough room to live peacefully and give Riverfront Residences prices higher.
Developers usually build different kinds and sizes of condo units to attract a wide range of buyers.
We looked at the sizes of condo units that were sold over the past 20 years to find out where condo unit sizes are going. We also did a study to see how normal sizes have changed over time for each market group and area.
- Our investigation revealed numerous noteworthy findings.
- Transacted condo sizes have decreased over time.
- This is due to decreased family sizes and affordability since smaller units cost less overall.
- The pandemic reverses this, with consumers choosing somewhat larger apartments.
- Resale condominiums are bigger than newer ones, so purchasers who want more room choose them.
- RCR condos have the smallest units owing to Geylang’s many tiny unit sales.
- North and West condos have bigger median sizes, making them better for large or multi-generational households.
- During the epidemic, median size defied
The median size of condo units sold since 2003 has fallen, according to URA Realis. The typical condo unit sold from 2003 to 2012 was 1,206 sq ft, 20.6% larger than the 2013 to 2022 median of 958 sq ft.
In 2013, the average size of condos that were sold fell below 1,000 square feet for the first time, hitting 947 square feet. This happened even though the government put out rules in 2012 to prevent the building of tiny flats.
During the pandemic, the average size of condos that were sold also grew, which is an interesting fact. In 2019, the typical size was 904 sq ft. It will go up to 926 sq ft in 2020 and 947 sq ft in 2021. This rise in the average size of condos sold during the pandemic could be because owners wanted bigger places to live so they could work from home or do schoolwork at home.
In 2022, the typical size will be 980 sq ft, then it will go down to 893 sq ft this year. This is the first time the average size has been less than 900 square feet. The move back towards smaller homes can be explained by a number of things, such as the fact that families are getting smaller and more Singaporeans are living alone.
The median size is likely to get smaller.
Based on our study of sales transaction data from URA Realis, the typical size of new condo units is shrinking more quickly than that of condos that have already been sold.
From 2013 to 2022, the average size of a new condo unit was only 777 square feet, while the average size of a used condo unit was 1,182 square feet. From 2003 to 2012, the difference between new and used units was smaller, at 1,125 square feet for new units and 1,288 square feet for used units.
Between the two times, the average size of new units fell by 348 square feet or 30.9%. The size of selling units, on the other hand, dropped by 106 square feet, or 8.2%, during the same time period. The different rates of decline for the two kinds of apartment units back up the general belief that newer units tend to be smaller than older ones that have been sold before.
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