Singapore has a lot going for it. Nearly fifty percent of it is covered by greenery, and through land reclamation it’s growing. Singapore is a vibrant, competitive economy, a global centre for finance and commerce, and one wired for technology and innovation. Singapore also has one of the highest GDPs in the world and has consistent high rankings across crucial parameters like safety, healthcare, and education.
Everything seems to be looking up in Singapore, including the real estate market. About 91% of residents own homes. Singapore is also an attractive option for investors from Asia who want vast tracts of property added to their portfolio.
Here are some trends that have occurred in Singapore.
From 2009 to 2013, there was a whopping 60% surge in house prices. In 2011, it slowed down, and now it is no more only a seller’s market.
Prices can even rise two-fold in fifteen years.
Market-cooling measures implemented by the government have ensured that the property boom does not go bust. The property price index (residential) shot up to an unbelievable 38.2%. What followed were rounds of measures, including a limited mortgage term, enhanced cash down payment, the introduction of seller’s stamp duty, and lowered LTV ratios.
From 2013 to date, thanks to a proactive government, the decline in property prices has only been 11%. Now, the government is lifting curbs on debt servicing ratio and stamp duty, among others.
Demand is on the rise across the property. Completed property sales increased by close to six times, and uncompleted property sales were up by 93%. Resale sales also have gone up as much as 62%.
Interest rates are crucial in the real estate market trend being so positive. While the lending rate has remained steady for over 15 years, interest rates have fallen over the last two decades, adjusted as they keep inflation in mind. An adjustable mortgage extensively impacts the household income of those paying off a mortgage.
The significant presence of foreigners is also helping the real estate market, with foreign investment in the property market a massive 4.1 billion US dollars.
Properties are predicted to double in value by 2030 according to Morgan Stanley and start the rise from next year so if you plan to invest, start the research process now. Compare locations and types of property available.
Talk to real estate agents, most of whom will be Chinese. Seventy-six percent of inhabitants in Singapore are Chinese, so engaging a Chinese tutor and learning the basics of the language will assist you in building a good relationship and getting the information you need before you purchase a property like an Irwell Bank Condo at Irwell Hill Residences.