The real estate of Singapore depends upon the global market. There were a huge impact of the Asian Financial crisis in 1990 and the financial crisis in 2008. Although in 2013 the housing price had increased up to double which was a problem for common people to buy a home for them. The government of Singapore had approved several laws so that there will be a balance between the buyer and the seller. Now if we look recent scenario, the real estate is exploring again because of economic growth. There is a proportional correlation between economic growth and expansion of the real estate market in Singapore. As the population is growing and resources are same or even lowered that’s why demand is growing fiercely.
The sudden growth of real estate
In Singapore after four to five year of slowdown in the real estate market again in 2018, it has shows boom. Most importantly, the residency comes under private organization; they helped to increase the property index up to 5.41 % in only the quarter of the financial year. The recent value of sell and demands shows that this the biggest increase after 2009. During the crisis, many investors had shortened their hand but as economic growth is increasing again, they are again wondering to invest in the real estate market. One of the reasons for growth in real estate has been devoted to the government because the law implemented by the government was based to develop ease in the market so that anybody from the world can invest there. However, there is some restriction for the foreigner at a certain scale.
Economic growth and the real estate market.
The economic growth of Singapore is promising and it is ready to enhance real estate business. The price is again blooming which was slowing down since 2013. Because private residential area, as well as the government undertaken area, is getting a bullish price from the developer. As Singapore is the heart of Asia, it gains the intention of investor all around the world and the government policy of ease business in Singapore also boost the current scenario.
According to the report published by ET&M Company, the Singapore home price will hike up to 4% to 8%. Recently, Singapore real estate market has developed a marketing strategy for property launch or condo launch. These launches are really very effective in terms to attract people. The property launch offers many bonuses as well as a discount in several area of the real estate market.
According to MTI Singapore, the economy of Singapore has grown by 3.6% as compared to 2017 and was 2.4 % faster than 2016. Recently the central bank has announced that the economic growth in 2018 will jump from 3% to 3.2% since last December. The residential property act of 2015 allows foreigners to buy property without government approval such as apartments, buildings but it should be less than six stories. Singapore government does not allow a foreigner to buy land property or vacant land without government permission. At last, the growing value of housing is a matter of concern because normal people will not be able to buy their own house.