Location, location, location. It’s the golden rule of all things real estate. While it can’t quite absolve every sin, a great location can make up for a lot in the world of real estate. Add a great location to great housing and property and you have some of the most coveted and enduringly valuable items in the world. That’s certainly true in a place like Singapore, which has long stood as one of the premier locations in Southeast Asia. This, in and of itself, comes back to that all-important quality of location. Singapore’s location has for centuries been the perfect entry point into Asian markets for Western countries and corporations, and has likewise been a jumping-off point for Eastern and Islamic markets in trading with one another as well as the West. Add in the fact that the city-state is one of the most diverse in the region, with its many languages and cultures both a product of and contributing to its status as a trading mecca, and it isn’t hard to see why property in Singapore is some of the most sought-after in the world.
To get the best deals in the region, you’ll want the most updated Singapore property news, and here are a few tips to that end.
Buying in Singapore
There are a few things you’ll want to keep in mind when it comes to buying property in Singapore. Because of the high demand for property units in Singapore, some units may implement a lottery system for applicants which will place you randomly into a queued-up wait list. You’ll also want to take into account that some property blocks have racial quotas, another product of Singapore’s long and complex relationship with multiculturalism and trade. One term you’ll definitely need to keep in mind is a unit’s LTV, which is its Loan To Value ratio. This is the value of the property that is mortgaged as opposed to its actual worth.
One other thing to keep in mind? Cost. That may go without saying, but Singaporean property is some of the most sought after and thus some of the most expensive in the world. Because of this, you may want to look into other options, particularly if you are planning on a short-term stay.
Renting in Singapore
Because property in Singapore is so expensive, it shouldn’t come as much of a surprise that renting is a popular option in the Lion City. Renting property can still involve some of the same issues as purchasing Singapore property, from racial quotas to the LTV. That said, it also makes living in Singapore far more affordable than might otherwise be the case when buying a property outright. What’s more, with so much of the country renting, you can count on a generally high standard of living in rented flats across the city-state.
And the most important quality is still intact, which is your ability to live and work in one of the great trade capitals of the world. Staying up to date on the latest property news in Singapore can thus open doors to the rest of the world economy.