All through 2007, Singapores real estate activity was booming, however, 2009 presents a slightly gloomy picture. The global recession has affected Singapore as well and both its residential and commercial property markets have seen sharp falls from 2007 by 80% and 62.4 % respectively. And, considering that the Singaporean Prime Minister stated that the economy is looking at 8% shrinkage the real estate market wont be long in following.
However, for expats and other foreigners looking to invest this should not be much of a deterrent. The drop in prices could get you some otherwise expensive properties at really low rates. Backing your Singapore property dreams is a report released by the Urban Land Institute and PricewaterhouseCoopers (PwC) called Emerging Real Estate Trends in 2009 which puts Singapore 2nd in rank among the top five Asia Pacific cities for property investments.
Real estate in Singapore can be purchased on a freehold or leasehold basis. Singapore is one of the most expensive Asian cities to live in the rent for an executive condo can reach the exorbitant price of SGD 3000 to 6000 per month and it goes higher for the more luxurious or high end properties, like the ones in District 9, 10 or 11. On the back of this, an average rent is pretty difficult to figure.
Expats generally prefer executive condominiums over HDB flats. HDB flats are only available to expats who have Singapore citizenship or at least those with one family member having Singaporean citizenship. Expats could also rent HDB flats considering the amount of time they will actually spend in the country. Executive condos are more expensive, however, as are all the good things in life. For foreigners, HDB flats are obviously not an option. Executive Condos or a house (bungalow/landed property) in an area of your choice would be feasible.
Another way of investing in Singapore Real Estate is through Singapore Real Estate Investment Trusts. These work in the same way as mutual fund corporations. They invest in real estate in Singapore by pooling together investments of small investors, who would otherwise be unable to purchase property in Singapore upfront. There is currently 20 such REITs operating in Singapore.
The only aspect that warrants caution is the rules and regulations of buying or leasing real estate in Singapore. Property buying for foreigners is not a hassle, but it helps to have a good brokerage firm or investment firm on your side who can help you through understanding how Singaporean real estate, trade and government works.
Jacob George is an Internet Enthusiast. Find Realestate agency with highly professionals for Singapore Property, Singapore RealEstate & Singapore Properties
[tags]singapore property, singapore properties, singapore real estate, property, realestate, properties[/tags]
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