According to Forbes magazine, Singapore is the third richest country in the world, and that is precisely why many successful business professionals from around the world travel to Singapore to buy property. Singapore can be home for both business-minded people and tourists looking for a great vacation spot for their families. Singapore has the busiest shipping port and leading oil refineries in the world, hence the strong economy favorable for conducting business. But if your main goal is finding an ideal vacation home with an eye-catching landscape, tourist attraction sites, Singapore will certainly come through.
So what makes Singapore so desirable? Whether your search for a good property is strictly for business purposes or pleasure, you are sure to find what you’re looking for, as Singapore has a lot of properties to choose from in all price ranges.
The value of the property is never an issue for those interested in buying property in Singapore, since whether you are a citizen or not there are many programs that will enable you acquire a loan and purchase your dream home. Singapore citizens are at an advantage as the houses they live in are subsidized by the government.
For non-citizens though, a good number of the properties purchased are from foreign investors. You may be wondering how that is possible, considering the fact that real estate requires a lot of capital. A number of reasons have contributed to making Singapore the business capital for foreign investors whose main interest is real estate. These are:
• Low income tax
• Low corporate tax
• Stable political system
The above have greatly contributed in raising property values, thus attracting foreign investors into Singapore.
Once you have made up your mind that Singapore will be your next destination in your search for the perfect home, what do you do to ensure that the property you get is worth your money?
When it comes to property, take it from investment experts; the most important thing to consider is the location. What I mean by location is proximity to amenities like grocery stores, shopping malls, quality schools, restaurants and MRT locations. Properties near such amenities are more inclined to be in demand, which explains why people are prepared to pay higher prices for them.
2. Future Development Prospective
Always be on the lookout for areas that the government is planning to develop in the near future, as this will increase the value of your property. For example, properties in Geylang and Tanjong Pagar will be hot cakes due to the government’s plan to revive the areas into a commercial center and a waterfront metropolitan respectively.
It is worth noting that as of 2006, the value of properties in Singapore have increased in excess of 70%. Amid the increased foreign investment, the Singapore Government has decided to enforce a supplementary tax on overseas and housing investments. This will make investors less likely to buy up properties, thus reducing the market prices. This comes as good news to those who wish to purchase property in Singapore.