Real Estate In Singapore

The Statistical figures speak of a growing and vibrant real estate market

The real market in Singapore is not making promises that it can’t fulfill. The number of transactions and the buyers and sellers and various investors that have come into the real estate market are actually saying it for themselves. If you look at the statistical figures for the private residential property, it has increased by a whopping 3.9% over the 2005 figures. The growth showed more than a 10% increase. This is great new for investors and for sellers alike. In fact the overall property prices are up by more than 155 since 2004. Now won’t you say that it counts for something?

Foreigners and local residents alike are fueling the huge demand for the real estate

The economy of Singapore is booming and along with it the demand for real estate. In fact the growth and the demand for real estate in Singapore are growing exponentially. Every investor whether they are residents of Singapore or foreign investors want a piece of this real estate pie. With foreign corporations setting up shop and expats relocating faster than you can blink, there is tons of real estate been developed. The demand is fueling the growing construction business.

The GDP has grown over the past years and this has also led to an increase in the real estate demand

It’s not very difficult to see why there is huge surge of demand for the real estate market in Singapore. In 2006 the GDP almost touched a growth rate of 8% (7.9% actually), this is really great considering that the GDP grew by 6.4% in 2005. The new policies for housing that were put in place in 2005 have also led to a huge demand.

Some of the policy changes were

Foreigners can easily purchase apartments and flats. Earlier they could only purchase a building that was six stories high and a condominium.

Single people can now fund their purchase of homes through Central Provident Fund (social security pension).

Cash down payments for the purchase of homes can be as little as 5%. Earlier the minimum amount for cash down payments were 10% of the purchase cost.

The HUD has made many conscious decisions to make Singaporeans own more real estate.

For the Housing and Development board (HUD), its primary focus is to make all Singaporeans own a home of their own. With this commitment towards making Singaporeans home proud, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund in association with HUD has increased the home ownership of Singaporeans to 92% up from 27% that was recorded in 1970.

This huge success for Singapore as it encountered a housing crisis soon after it won its independence from Malaysia. With economic stability the demand for homes and real estate has grown tremendously in Singapore. Even when property prices are falling in other parts of the world, Singapore has strong and deep real estate market. The numbers speak for themselves and this can’t be discounted.

So if you are planning to invest in overseas property, you should consider Singapore properties.

Buy, Sell, Rent, Invest, In Singapore

MINDY YONG

( +65 ) 91002985

Fax: (+65) 64021826

mindy@mindyyong.com