Properties are being bought by developers in Singapore as the prices are expected to rise further as government is investing lot of effort to make the city a complete regional center for Financial Services. Private home prices are forecasted to climb since developers invest extra for the current properties. 28 million dollars was the amount yielded for selling a penthouse unit near the Orchard Road and was sold to a buyer from overseas. Home prices in Singapore property arose to a 4.8 percentage this year first quarter comparatively. Singapore is experiencing this growth in the last seven years. Rents from office premises also recorded bigger increase in the last decade.
General Belief and understanding is that properties can be sold by themselves and save a lot of money. Immediately we think about stories from friends having sold all by themselves and the amount of profit them from it and believe we can all do it. But one must understand what is involved and assess practically to join the successful ones. Important points to understand and perform well will be to assess and price your property accurately, observe and determine whether the buyer is qualified or not, create and pay for your advertisement, knowledge and a better understanding of the Singapore real estate regulations and coordinate the details of closing with the buyer.
The growth do not stop here rather, home prices in Singapore are expected to surge ahead at least by another 25 percentage as currently the city is going through a supply crunch considering the rate of expansion after having attracted foreign workers. Singapore is constantly monitoring to ensure there is sufficient supply in the housing market as forecast reports that there will be 42,200 houses completed during the period of year 2007 to 2010. Proactively, the Singapore government is selling more and more land for residential purpose and has now 20 residential properties allocated for the purpose of sale to developers.
Investor is suggested to search for appropriate properties that will meet their objectives towards investments and it will help them better if they have a pre-approved mortgage required and have hired a lawyer who is real estate. Agents from local real estate’s have by now dealt with many buyers from foreign and they are aware of the process and complexities involved and they are in the better position to guide the process of purchasing. Short term speculation on properties is not really advisable for investors on property as it is not profitable cause of the tax on Capital Gains to 100%.
A lot of people buy Singapore properties and then resell it after real estate development. This is a very well paying business in Singapore. Singapore is a very well developed country and you can find some really good options of making money in the real estate business. All you need to do is to find the right kind of opportunity to invest your money. Purchase and sale decisions related to property in Singapore should be taken carefully.