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Property investing has long been favored by those looking for lower-risk while maintaining a decent ROI. Of course, choosing the right location is crucial for success when investing in property. In particular, this has led to many people considering buying property in the modern, bustling city-state of Singapore. Read on to find out all the reasons why.
Singapore is a unique and beneficial location for anyone considering investing in property. This is because not only is it a city-state, but it’s also a relatively small island.
What this means is there is only ever going to be so much land on which to build. Therefore people investing in homes now stand to profit from the rise in property prices they can expect as the population expands, something that statistics show is happening as we speak.
Singapore has come a long way in a very short time since it declared its independence in 1965, transforming swampy rural land into a glistening, technological, and popular city. Singapore is one of the most sought-after tourist destinations in the world right now, and this in no small way is due to all the investment and development backed by the government.
Indeed, despite being a new republic Singapore has shown itself to be a stable political force, concerned with the wellbeing of all strata of society. Something that suggests a continued promising future for its residents and anyone from outside choosing to invest.
Singapore is well known for its property developments
One of the dominant forms of property in Singapore is its mixed-use developments. These tend to be estates that house a variety of apartments from one to three or even four bedrooms. They are built around the idea of community and convenience and provide easy access to all sorts of everyday facilities such as restaurants, gyms, and shops as well as offices.
Yes, that is right the trend in Singapore right now is to live close to work, and most other things that you need, something that means much more of a community spirit as well as a lot less commuting to faceless commercial areas. Of course, by investing in such property, you can tap into what is an already hugely desirable market, something that means filling your lease should be easy.
Entirely possible to remotely manage your investment
One of the best things about property in Singapore is that it is set up to make things easy for overseas investors. What this means is you don’t have to set foot in the property you buy if you don’t want, because there are plenty of management agencies that can handle everything remotely for you.
In fact, whether you choose to lease out your property over the long term to a family, or you would prefer short term vacation lets, there will be a management agent that can deal with repairs, cleaning, documentation, and tenant handover for you, all at a very reasonable price. Something that makes property investing in Singapore one of the lowest hassle options around.
Singapore traditionally has much lower interest rates than the countries that surround it. Of course, this is great news for those considering property investment in this location. After all, the lower the interest rates are the fewer investors can expect to pay over the long term on their mortgage due to compound interest.
One of the benefits of paying less on your mortgage is that you stand to take a much bigger slice of the pie when you do decide to sell it on. It also means that such an investment is much more reasonable every month as well, something that makes it available to a wider range of investors than other locations.
Renting is the norm
Singaporean millennials as well as many from the generations before them are used to renting their home rather than buying them. Happily, this is excellent news for those considering investing in property in these locations, because it means finding tenants should be far easier than it would in a market where everyone expects to buy their own home.
Plenty of property options to choose from
Whether you are looking for an urban apartment, a rural house, or a commercial property Singapore has it all. Indeed, there is a wide range of property options to consider, at a variety of prices, something that means it should be easy to find something that works for your budget.
In particular, shophouses can be a great bet for overseas investors. Shophouses are properties where there is space for a retail operation on the lower floors and residential accommodation above. The great thing about shophouses is that foreign investors are allowed to buy the ones marked for commercial use, something that makes them one of the easiest investment options in this location.
There are also several finance options available like an hdb loan or a bank loan. Although it is worth noting that there are some caveats and restrictions on some types of property and funding. Therefore you must do your research and connect with an overseas investment real estate specialist before you decide to commit.
Singapore is packed with facilities
One of the clearest reasons that Singapore is a great place in which to buy an investment property is because it is full of amazing facilities. They are well known for their excellent school systems which are the envy of many countries.
Singapore also leads the ways in areas such as architecture and technology. Indeed, the solar trees that line Marina Bay are an excellent example of their innovative approach. Not to mention the wealth of high-end restaurants, retail experiences, and other public facilities such as sports centers and swimming pools.
There are so many reasons to consider Singapore as the site of your next property investment, including the financial benefits you can reap, as well as the strong political, and financial situations.
However, many people are drawn towards investing in this part of the world, because of the vast range of facilities that are on offer for its residents, something that will continue to make popular for years to come.