Overview Of Singapore Property
Singapore is a country based on an island. Undeveloped land in this county is difficult to find. As the population of the country is increasing so is the demand for property. Many people are migrating to Singapore which is also contributing to the rising population. With limited undeveloped land at disposal the rise in the property prices is inevitable. As the demand for property goes up, the prices are increasing. Singapore has seen a sudden rise in property prices since the beginning of the year 2010. More and more investors are now looking at investment opportunities in Singapore.
In Singapore the distribution of property is different than other countries. Around eighty percent of the Singaporean population lives in apartments or units which are constructed and maintained by the HDB or the Housing and development board. Hence, the major chunk of real estate is dedicated to these units from the housing and development board. The other section of the real estate market consists of condominiums or private apartments and landed property. These are comparatively more expensive when compared to the apartments provided by HDB.
Foreigners in Singapore have ownership restrictions. Mostly foreigners in Singapore would rent in private apartments or condominiums. Another option available to foreigners is the converted Chinese style shop houses. In Singapore, the private rental market is dominated by the emigrants. However, most of the landed property and private apartments are owned by Singapore residents. Wealthy Singapore residents would normally invest in land and the private apartments and hence the majority of landlords are Singaporeans.
The Singapore government is constantly checking the real estate prices and takes all measures possible to avoid steep rise in property prices. It is known to take necessary measures whenever there is a sharp rise in the real estate prices. Constant change in government policies generally maintain the real estate prices and keep it at certain levels. Stamp duty policy which was introduced this year was one of the measures that the government takes to control the price rise.
The government also makes available new undeveloped property to developers and builders if the demand for property increases. The plot ratio is also one thing that the government controls. Recently, the government increased the permissible floor space that can be built per sq foot of the land. This has resulted into increased interest from the developers towards twenty or more years old private apartments. The developers plan to redevelop these private apartments into taller, modern and luxurious private apartments since the demand for private apartments is increasing constantly.
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