The city-state of Singapore, though small in area, is considered to be one of the most vibrant economies in the world today. It is the central hub of businesses in Asia, providing opportunities to its residents as well as to foreigners. Because of this, the number of people flocking this city-state has been nothing but tremendous. Indeed, this continuous stream of individuals, coupled with favorable real estate regulations, has brought the country’s property industry to experience sharp growth.
Desire to Own a Property
Residents, as well as foreigners who stay in Singapore, envision of owning their own private space in this land of opportunities. With good salary provided for citizens, and great opportunities for foreigners, staying in the country for a long time is always an option. These factors create the demand for the construction of more real property, thereby having that persuasive effect for real estate developers to continue building structures that are useful for these individuals.
Foreign Ownership Allowed
With a very robust economy, Singapore has never failed to attract investors. Individuals looking for a viable investment portfolio choose the city-state because of its financial capabilities. Companies likewise look at Singapore as the place where they could exponentially grow. The fact that these foreigners could eventually own real estate property in Singapore, made the country more attractive to them. According to Property Guru, those planning to purchase a property in Singapore but their stint would be below four years, then it would be best to rent. This is due to the imposed Additional Buyers Stamp Duty (ABSD) of 15 percent, which is above the regular (BSD) that every purchase is subject to. If longer than four years, buying a property would be ideal.
Security and Safety
It cannot be denied that Singapore is also proud of its being a safe haven. One could easily walk at night without fear of being accosted on the road. Such reputation draws more people towards it. Individuals today, even job seekers, would always prefer a safe place where they too can relax and unwind after a long day.
The high demand on properties in Singapore brought about by the heavy influx of people coming from neighboring Asian countries seeking work opportunities, as well as the rising number of investors who see Singapore as a viable investment locale, all propelled the growth of the property industry. Such will definitely usher in more people in Singapore, who would eventually find themselves buying properties in Singapore.