The expat community in Singapore is created by people who moved from countries on different continents and from different time zones.
While helping an expat friend find their home in the Red Dot, she shared that when they moved to Singapore, their intention was to stay for a year or two only. Eight years later, they still live here. This is the story of many expats, who come with an intention to stay for a short time and end up falling in love with the easiness of living in Singapore.
When I asked her, if there was one thing they could have done differently, she said: “We wish we bought our own property earlier. Instead, we paid over half a million in rent, towards someone else’s mortgage’’.
Singapore cited as the “Switzerland of Asia’’, it is easy to see how its employment opportunities, stability, safety and transparency, attracts many. Also, it is not a secret that the Goverment intends to increase the population in this small country with limited land, which adds to the factors exibiting upward pressure on property prices.
Many foreigners have already parked their cash in Singapore property. Those who have decided to apply and have been succesful in obtaining the status of Permament Residents, enjoy 15% tax reduction comapred to foreigners when purchasing a residential property in Singapore, currently at 20%.
The table below, ranks different nationalities by number of units bought in the past few years.
Additionally, many are unaware that nationals of the United States of America and nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland enjoy 20% tax saving due to the Free Trade Agreement signed between Singapore and the governments of the above-mentioned countries. Foreigners can buy any private non-landed residential property, as well as the luxurious water-front bungalows on Sentosa Cove.
As reported in the papers recently, factors such as the Singapore Government handling of the crisis, coupled with the stability and business-friendly policies, foreign companies continue to relocate their headquarters, operations and/or manufacturing to Singapore. Aside from those companies’ commitment to invest in Singapore, such business decisions create a dynamic labour market, attracting foreign talent, supporting the existing healthy rental market, pushing the prices further upwards. Thus, even during the pandemic, many took action and purchased. As a result, the Singapore private property prices increased by 6.2 per cent since Q1 2020. According to Goldman Sachs, prices of residential property in Singapore are expected to double by 2030!
As the Chinese proverb goes: ‘’The best time to plant a tree was 20 years ago. The second-best time is now’’
If you need help finding your new home or just a worthy investment with potential,
drop me a text 90 69 47 66