There are a few countries with a fast-growing and mature real estate market and Singapore is one of them. The beautiful Asian country has been a hotbed of investors from far and wide in the last few years for this reason. 2018 was especially a phenomenal year in Singapore’s property market history as it went through some pretty interesting trends. For instance, Land became incredibly scarce — a fact that forced investors to bid hard in order to get a piece of the available land. To recuperate their capital and make some profit, investors increased the value of property units to unusual heights.
Following the 2018 trends in the Singapore real estate business, buyers, sellers, and developers can’t stop but wonder what the future holds for them. If you are one such individual, here’s a quick overview of the future of Singapore Property Market.
Real Estate Prices Not Plummeting Any Time Soon
With the close of 2018, investors had one thing in their mind — recover from the high construction costs and land prices. This phenomenon has rolled over to 2019 so as a potential buyer, brace yourself. What’s more, expect to witness steep prices on both residential and commercial fronts in the coming years. On a positive note, though, this means the economy is growing which is a plus for every property developer, real estate stakeholders, and every citizen in Singapore.
Government Intervention Will Control Property Prices
In 2013, the government of Singapore came to the mercy of property buyers when prices escalated to ridiculous heights. The introduction of cooling measures for residential units among other measures put out by government only goes to show the future is sufficient proof that the government cares about her citizens. Government intervention is welcome news for property buyers because it means prices will be maintained at manageable levels.
Decreased Number Of Foreign Investors
Investors have a high affinity for low-priced properties not only in Singapore but also any other country around the globe. They do this so as to reap maximum benefits from them over the duration of time as property prices progressively go up. With the current situation of ridiculously high land prices in Singapore, foreign investors are expected to put their money elsewhere in the near future.
From the factors above, 2019 is already a slow year for Singapore’s property market. The future might be worse, thanks to the ongoing trade wars between the U.S. and China will likely affect Singapore’s economy. However, can only hope that something good comes from this in the end. Keep hope alive!
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