Whether you’re a dual-income couple eyeing a luxury home, an HDB upgrader seeking more space, or a young professional or foreigner eager to own before turning 35, knowing how much income you need to buy a condo in Singapore is the first step in your property journey.
In this article, we break down how much income you need to make to buy a condo in Singapore. We’ll also go through where you might want to buy a condo, how location can affect costs, as well as the additional costs that come with condo ownership.
How much do condos cost in Singapore?
Condo prices in Singapore vary based on factors like location, size, tenure, and whether it’s a new launch or resale. Prices have been rising, with resale condos reaching new highs in 2025.
To give you an idea of the cost, here are the typical price ranges for 1- to 3-bedroom condos in each region as of early 2026:
| Location | 1-bedroom | 2-bedroom | 3-bedroom |
| Core Central Region (CCR) | $1,320,000 to $3,500,000 | $2,050,000 to $5,000,000 | $3,000,000 to $8,000,000 |
| Rest of Central Region (RCR) | $1,100,000 to $2,800,000 | $1,780,000 to $3,500,000 | $2,500,000 to $6,000,000 |
| Outside Central Region (OCR) | $900,000 to $2,300,000 | $1,350,000 to $2,700,000 | $1,800,000 to $4,500,000 |
Now, here’s the longer explanation. Condos in the Core Central Region (CCR) are usually closest to the Central Business District (CBD), like Districts 9, 10, and 11, and the downtown core neighbourhoods.
These are luxe and prestigious locations, where many high-end and boutique developments are found. Coupled with the prime location, it’s easy to see why these condos command a higher premium.
Condos located furthest from the city centre in the Outside Central Region (OCR) tend to be the most affordable. OCR condos in areas such as Pasir Ris, Punggol, Jurong, and Bukit Batok tend to hit the sweet spot between space and price.
Families and HDB upgraders often favour these areas due to the better space-to-price ratio. For homebuyers looking for good value and room to grow, OCR condos are an attractive option.
The Rest of Central Region (RCR) is a middle ground, offering more established districts with excellent connectivity to the city.
Locations like Tiong Bahru, Buona Vista, Paya Lebar, and Katong feature a mix of newer developments and older resale condos, typically priced higher than those in the OCR but more affordable than those in the CCR. These areas are popular for professionals and young families due to their convenient access to amenities and transport options.
How to budget for a condo in Singapore
Now that you know how much a condo costs in Singapore, you’ll have to figure out how to budget for it. By working backward and assessing your financial situation, you can determine how much you’ll need to save and earn. Here’s what you need to keep in mind when budgeting for your condo purchase.
Before diving into the numbers, it helps to understand the 2 key regulations that determine how much you can borrow:
Total Debt Servicing Ratio (TDSR): The TDSR limits your monthly debt repayments to 55% or less of your gross monthly income.
This ratio helps ensure that you don’t take on too much debt that might leave you in a sticky situation in the future when your income isn’t able to cover it. Banks and financial institutions use this to assess whether you can afford the monthly mortgage payments based on your income and existing debt obligations.
Loan-to-Value (LTV) ratio & downpayment: The LTV ratio dictates the maximum loan you can get for your condo, while the downpayment determines how much cash you’ll need upfront.
First-time homebuyers are looking at an LTV ratio of 75%. This means you’re able to borrow up to 75% of the value of the property. The remaining 25% has to be covered with your downpayment, which can come out of your CPF OA or be paid in cash.
1. Figure out the downpayment & loan amount for a condo
Once you’ve chosen the condo you want in Singapore, the next step is calculating your downpayment and loan amount. Your loan quantum refers to the maximum amount that the bank is willing to offer you based on your financial profile.
If you’re buying with a partner or friends, combining household incomes can significantly boost your borrowing capacity, letting you afford a larger or more centrally located condo.
| Number of outstanding home loans | Loan-to-value limit (LTV) | Minimum amount of cash down payment |
| 0 | 75% (or 55%) | 5% (for 75% LTV) or 10% (for 55% LTV) |
| 1 | 45% (or 25%) | 25% |
| 2 or more | 35% (or 15%) | 25% |
You should take the lower LTV limit if your loan tenure exceeds 30 years (or 25 years for HDB flats) or if your loan term extends beyond the age of 65. Your LTV ratio can also be affected by factors like your credit score or the remaining lease on your property.
By understanding your LTV limit, you can calculate how much you need for the downpayment. For instance, if this is your first home and you have no existing property loans, you can borrow up to 75% of the condo’s price, meaning your downpayment will be 25%, with 5% paid in cash.
2. Consider your Total Debt Servicing Ratio (TDSR)
At this point, you also want to factor in all your existing debt obligations. The current Total Debt Servicing Ratio (TDSR) threshold is 55%. That means you can only use up to 55% of your gross monthly income on all debt.
If you have no other debt, great! You can maximise the amount you use for your mortgage. However, if you’re planning to buy a car or take a renovation loan, your mortgage repayments will need to be adjusted accordingly.
3. Pick a home loan suited to your financial goals
Most of us will end up financing our condo purchase with a home loan. Your monthly mortgage repayments will vary, depending on the type of home loan you pick—floating or fixed rate home loan—, interest rates, and your loan tenure.
To get an idea of what’s on the market, use an online mortgage comparison tool. This way you can quickly see the rates for floating and fixed-rate home loans across the various major banks in Singapore.
If you’re unsure which loan to choose, speak to an expert. Once you’ve chosen a loan, reach out to the bank or a mortgage expert to secure your In-Principal Approval (IPA).
How much salary do you need to buy a condo in Singapore?
Assuming you have no other debt obligations and are looking at a TDSR of 55%, a fixed interest rate of 3.00%, and a loan tenure of 25 years, here’s the minimum gross household income you’ll need to afford a condo.
| Condo type | Typical price | Minimum gross household income |
| Entry-level | ~$1M | $6,470/month |
| Mid-range | ~$1.5M | $9,700/month |
| Higher-end/larger units | ~$2M or more | $12,900/month and above |
In any case, take caution when making big financial decisions. The traditional advice is not to use more than 30% of your household’s gross monthly income to prevent overstretching yourself.
Additional costs when buying a condo in Singapore
Buyer’s Stamp Duty
When buying a condo, you’ll have to pay Buyer’s Stamp Duty (BSD). Here’s how much BSD you have to pay for residential property in Singapore.
| BSD taxes | Residential property |
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Remaining amount | 6% |
Depending on your citizenship status and the number of properties you own, you might also have to pay Additional Buyer’s Stamp Duty (ABSD). Some foreigners are eligible for ABSD remission under Free Trade Agreements.
| Citizenship and number of properties | ABSD tax rates |
| Second property for Singapore citizens | 20% |
| Third and subsequent properties for Singapore citizens | 30% |
| First property for Singapore PRs | 5% |
| Second property for Singapore PRs | 30% |
| Third and subsequent properties for Singapore PRs | 35% |
| Any property for foreigners | 60% |
Property tax
Owner-occupier property tax rates are pegged to the annual value of your property. If this is your investment property and you rent out your place, you will have to pay non-owner-occupier property tax.
Condo maintenance fees & home insurance
Each condo has different condo maintenance fees, ranging from $300 to $1,000. The amount can be higher for fancier developments and projects with more facilities. Your fees are also dependent on the number of condo residents and the size of your unit. Condo maintenance fees also change over time.
If you upgrade to a larger home, it will also mean a bigger utility bill and greater maintenance costs. Home insurance premiums are likely to be more expensive too.
Tools to calculate condo affordability in Singapore
Before taking the plunge, it’s worth running through a few quick checks to make sure your condo purchase really fits your budget. These tools help you calculate condo costs and factor in the loan rules and recurring costs.
CPF mortgage repayment calculator: See how much your monthly mortgage payments will be based on loan amount, interest rate, and tenure.
TDSR calculator: Banks like UOB provide a TDSR calculator to check how much of your income can go towards all debts, including your home loan.
Stamp duty calculator (BSD & ABSD): Quickly estimate the upfront stamp duties you’ll need to pay when buying your condo.
Property tax calculator: Check your annual property tax so you can budget for ongoing costs.
How to budget for & buy a condo in Singapore
Ultimately, how much you need to earn to buy a condo in Singapore will depend on the property you choose. Whatever you decide, it’s always wise to carefully evaluate your financial circumstances and seek professional advice before making any moves.
Want to learn more about condo living? Here are more guides to check out:
- How to afford a 2-bedroom executive condo in Singapore
- Why I moved from a condo to an HDB maisonette
- 17 condos within walking distance of MRT stations
Cover image adapted from: Uchify
This article was originally published on 15th April 2024, and updated on 14th January 2026.
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