While there might still be a few so-called "Condos" available at S$700k, they are surely either run-down or in a location nobody wants to live in ("Ulu" in Singlish). Such places can be rented at S$2-2.5k/month, not 6k!revhappy wrote:6k a month! Thats 144k gone down the drain for a 2 year lease. 140k is the 20% downpayment needed to buy a 2 bed condo that cost ~700k.
I would rather buy a condo here than pay that kind of rent.
Even if you do buy such a Condo with the downpayment you mention, you'd still have to take a mortgage of S$560k. The monthly repayments would be similar to what you'd pay rent for the same unit - with most of it being interest paid to the bank.
Unless it's an HDB with a subsidized loan, buying property in Singapore is only a financially sound idea if prices rise. If they don't, you're better off renting!
I prefer to gamble in other ways ...