Buying property in Singapore

Boasting a strong economy and a high-quality of living, Singapore real estate commands some of the highest prices in Asia. Comprised of high-end condos and luxury housing, the city-state’s residential property market is partially fueled by a high-expatriate population, with serviced apartments in high supply.

Optimism in the residential property market reached new heights in 2006, with a continuous stream of new projects coming on the market to receive overwhelming sales success. However, the current global downturn has been felt in the city state and while things are far better than they were in the catastrophic 1997 market crash, property price rises are beginning to cool. However, the overall outlook for Singapore is positive right now, due in part to the government’s commitment to promote sustainable investor activity.

The luxury end of the Singapore property market which took off in 2004 has remained largely unaffected by the current economic crisis thus far, and is continuing to give investors good returns. There are several factors that are contributing to the success of Singapore’s high-end residential market: a prosperous local economy, the nation’s position as the region’s wealth management hub and a relaxation of rules on property ownership for foreign buyers.

The recent rise in the luxury market has been powered mainly by interest from foreign buyers. Overseas buyers do not require government approval now to buy certain landed properties in Sentosa Cove and apartments in buildings with fewer than six storeys. Other properties may be available for sale to an investor but they have to seek the permission of the Singapore Land Authority first. The majority of foreign buyers are from neighbouring Indonesia and Malaysia, although Singapore is increasingly attracting a diverse group of international buyers, including from Hong Kong and the mainland.

Top tips for Singapore property
Guide to buying condos in Singapore
Guide to buying houses in Singapore