It’s no huge shocker that Singapore is expensive when it comes to housing. Aside from the fact that it’s officially the world’s most expensive city (according to the EIU), Singapore’s limited space and awesome safety record pushes demand for property through the roof (not literally, that would be hazardous).
But don’t let that put you off – it’s not all bad when it comes to Singapore property prices, because it’s actually one of the most transparent housing markets in the world.
With heaps of data, technology and the law, it’s pretty easy for anyone to establish a fair price when it comes to renting or buying. It’s so common to chat to a neighbour and discover they have a much better deal on their identical apartment (gah!), yet it could have been easily avoided. You just need to know how to use the tools.
Introducing (this was always leading somewhere!) the Singapore Real Estate Exchange (SRX). It may look like a real estate website, but it’s so much more than that! In short, this website gives you access to a whole world of information about the property market when it comes to buying, renting or selling.
SRX works by taking masses of data about the market and condensing it down to a unique algorithm that generates estimate of a home’s value or rent. This is called an X-Value. Not only is this X-Value used by estate agents and the government, but normal folk like us can utilise it for free when finding a home. How super handy is that? Check out the below to put it into action.
Guide to ensuring you won’t overpay when it comes to property
1. Search through listings on SRX, a digital real estate marketplace which only lists validated properties from leading estate agencies in Singapore.
2. When you see SRX Locate property listing, you can be confident that the listing is genuine
3. Check out each property’s X-Value to ensure you won’t be overpaying
4. Work with one of SRX’s recommended estate agents (their name and number is next to each property), who have access to advanced market information for the best price
5. Always ask your agent for a Home Report, as it’s used in over 88% of private transactions for pricing
6. New to renting in SG and need to start from scratch? Head here for a quick rundown of what to expect
7. Or an absolute pro and want to delve even deeper? Check out Heat Map, Price Index, X-TV, and Singapore property news