The Singapore real-estate scene is alive and well. After showing signs of decline in the last four years, Singapore’s private residential property market has somehow recovered and is now showing vibrant signs of life.
And no one is as relieved as Singaporean themselves who have more actively engaged in this new healthy environment. A living proof of this revitalized activity is the resurgence in the number of residential property for sale in Singapore. “But is it really that safe now?” First it must be clarified that the decline in recent years was never really that alarming to begin with. Many real-estate experts explained that the rate of decline, pegged somewhere between 10-12% between 2001 and 2010, was relatively too small to indicate or suggest any major collapse. These real-estate experts also point out that the various cooling measures implemented bu the Singaporean government to stop private property prices from climbing upwards are still firmly in place. And since by all indications, these measures were effective not just stop-gap measures but substantially relaxed some of the debilitating factors, lowered seller's stamp duty, and shortened minimum holding period which are all still in effect today. So any confidence in buying and selling of properties are well founded. But in addition, current real-estate market activity show that this confidence is largely being driven by the fact that many private property buyers and seller now believe that, unlike previous recoveries, prices are unlikely to increase as quickly as it did the last time. Buying and Selling in the New Environment And investors and owners who want to capitalize in this climate of opportunity are now asking the logical question: where to buy property in Singapore? At this point, there is perhaps no easy answer considering that the fallout of the real-estate recovery has extended from individual residential property to larger commercial properties. At the least, there are highly potentials directions and avenues to explore. In nutshell though, it is advisable to buy private property for living rather than for investment purposes. In other words, for those looking to invest, this may not be the best time since the market has just barely recovered and may remain unstable in the years to come. This puts a lot of risks on investments. Instead, the better choice is to buy for direct use. But for locals simply looking for a better housing unit, it is safe to buy a new home since whether or not the tides change and the market declines again, at least the private property purchase will not be in vain. Furthermore, landed private property in Singapore seem to be a more lucrative purchase and business potentials of condominiums and villas may not be a wise choice since rental demand in the country is still low. For sellers, the question is more or less the same: is this the best to sell property? At the outset, there appears no need to rush since market values are on the decline. But for those looking to quickly take advantage of low prices in Singapore, sell their property, and then buy a better one, the auction offers more incentive than regular market. Unknown to many, auctions are generally quick transactions and offer the advantages of reduced long-term carrying costs, including taxes and maintenance processing. Since auction exposes the property to a large number of pre-qualified prospects and immediately creates interests and even competition among buyers, it exponentially increases likelihood of getting rid of your old property and getting the chance to purchase a better one. Although selling property on-line may seem like a similar option, there is simply too much risk compared to auctions.
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