Here's How Much Salary You Need to Buy a Condo in Singapore (2024)
Here's How Much Salary You Need to Buy a Condo in Singapore (2024)
Here's How Much Salary You Need to Buy a Condo in Singapore (2024)

Ever wondered how much salary is needed to buy a condo in Singapore? Well, we’ve thought about that too! A common adage is that owning a condo is one of the five Cs that make up the ‘Singaporean dream’.

Whether you intend to upgrade from an HDB flat to a condo unit or buy a condo outright, you’ll need to budget well before you purchase your property. In this article, we answer the question: “How much do you need to earn to buy a condo in Singapore?”

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How Much to Earn to Buy a Condo in Singapore (Video)

If you are short on time, you can watch our quick video guide on assessing how much salary you need to buy a condo in Singapore. We provide a breakdown of condo eligibility, down payment, and how to get a bank loan to finance your condo purchase.

Can I Afford a Condo? How Much Do Condos Cost

Outside Central Region (OCR)

$900,000 to $1,500,000

Rest of Central Region (RCR)

$1,500,000 to $3,000,000

Core Central Region (CCR)

$2,500,000 and up

Indeed, you’ll still need an above-average salary to buy a condo in Singapore. But for those wondering “Can I afford a condo?” you’ll be surprised how much salary you need to buy a condo in Singapore may be closer to your current salary than you think.

Condo prices in Singapore vary widely, depending on factors like the size of the unit and the location of the development. This guide will use 3-bedroom condo units as the case study: they’re good-sized houses for owner-occupiers, including young couples, families, and HDB upgraders.

In the OCR, you’ll likely be able to find the most affordable 3-bedroom condo units for about $900,000 to $1.5 million. Among them, older and leasehold condo units tend to be the most affordable.

In the RCR, a 3-bedroom condo unit can go from about $1.5 million to $3 million. Among them, condo units around Aljunied, Paya Lebar, and Geylang districts tend to be the most affordable. On the other end of the price-affordability spectrum, city fringe condo units closer and more accessible to the Central Business District (CBD) can easily go from upwards of $2 million.

Unsurprisingly, the CCR is where most of Singapore’s luxury condos are developed. While you may be able to find smaller 3-bedroom condo units going for slightly below $3 million, most of them will likely cost way more – when it comes to premium living, the sky’s the limit!