Buying Property in Singapore
In the early part of the 21st century, property market in Singapore suffered a significant slowdown and correction after a period of economic instability.
However, now the Singaporean economy is on a rebound and things are changing for the better. The property market in Singapore is recovering at a dramatic pace and the residential real estate is setting new records of investments. In 2006, the off plan property saw a complete sell-out and the first quarter of this year has been no different. The GDP growth from Jan-March 2007 has already touched a record breaking 7.2% already!
Here are some reasons why buying property in Singapore is such a fantastic opportunity for those who want to benefit from the booming property market in Singapore –
1. Singapore is the 18th wealthiest country in the world. It has foreign reserve of over $139Bn.
2. Singapore’s economy is on an ascent and the economic revival can be credited to the government’s initiative to sell Singapore as a commercial hub with excellent infrastructure.
3. Singapore is one of the Four Asian Tigers along with Hong Kong, South Korea and Taiwan with a strong presence in Asia.
4. The Singaporean economy grew by 6.4% in 2005, and zoomed to set a new record when it grew by 7.9% in 2006!
5. The property market in Singapore is witnessing a boom. The boom is expected to last for the next 3-5 years and this is an excellent time for investors to invest in retail and commercial property as there is a strong potential suggesting gains of around 20%-25% in over 2 years.
6. A cosmopolitan and secular approach has made Singapore a favorable destination for expatriates. Many foreign nationals are shifting base to Singapore and rentals rates have also seen a hike since the past couple of years.
7. Singaporean government is launching a series of incentives to reignite the retail, commercial and residential property markets in Singapore. A direct outcome of these initiatives is that Singapore is likely to prove a positive prospect for the medium to long term for investors and buyers alike.
8. Singapore offers a tropical rainforest type of climate with no specific seasons. The temperatures range from 22°C to 34 °C with relative humidity of around 90% in the morning and 60% in the afternoon.
9. A highly favorable and popular tourist destination, Singapore has seen an increase of tourists in the recent past.
10. The tourism industry provides employment to many and the demand for quality accommodation for rent or sale has increased and is not likely to abate anytime soon.
11. Land deals at record rates have also added to the confidence levels of the local developers and the buzz in the property market in Singapore is that the demand will only grow from here.
12. A number of new and exciting developments on the Sentosa Island are already proving to be tremendously popular for foreign property investors who are buying off plan property and then finding a strong demand for resale of these properties or a market for rental properties upon completion.
To summarize, Singapore is in an excellent position currently and the government is committed on an ongoing basis to managing and bettering this island country’s fortunes. Investors should draw confidence in the property market in Singapore from these facts.
Billy Chen
billy@billychen71.com
Tel: (+65) 88689999
Fax: (+65) 64021826
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