Authorities in Singapore "expelled" from speculators, local real estate market

19.11.2010 16:43
Singapore's property market continues to grow, despite the government measures to ostuzheniyu. However, experts point out that speculators gradually withdraw from the market, but their place is occupied by the wealthy "real" buyers.

Last October, the city-state has sold 1,058 new private facilities, compared with 911 in September. Some analysts predict that by the end of 2010, sales in Singapore will be a record, according to NuWire Investor.

The situation on the market.

In late 2009 the government of the city-state has expressed concern about the soaring prices of private housing, which, according to officials, was due to the activity of speculators who commit short-term deal. (Note that in Singapore, a significant number of housing units constructed by the state and is inherently public property. However, the government actively encourages repayment of housing in private ownership, offering preferential mortgage terms.)

In August 2010 the authorities announced the introduction of a series of measures designed to cool the local property market. Among them - reducing the amount of credit for people who already have mortgages and want to get another, as well as the collection of state tax on the sale of objects within three years after their purchase.

Experts note that sales in that segment, which was the main "targets" of government measures regulating the market - condominiums in the suburban areas - decreased by 25% compared to September. Therefore, some effect initiatives by the authorities still have had.

According to the Director of Research Department at Colliers International Tai Hei Yin, "the number of speculative transactions began to decline, and appeared on the market affluent buyers who do not deter high initial fees for an object."

Singapore's population is about 5 million people, of whom about 64% are citizens of Singapore, about 11% - Residents, and the remaining 25% - expatriates. The city-state ranks sixth in the world in the number of foreigners (about 42%).

Foreign buyers are contributing to growth in housing prices in Singapore. In the first half of 2010 the share of foreigners accounted for about 25% of all transactions involving the sale of residential property in Singapore. Mainly on the market are Malays, Chinese and Indians.

For information: Foreigners wishing to buy property in Singapore, faced with certain restrictions. Fluent can only buy an apartment. When buying land, free of rare or already in buildings require permission of local authorities.

For entry into Singapore, the potential buyer with a Russian passport require a visa. The document is issued in advance at the consulate of the country in Russia. Russians on a visa may be in Singapore to 35 days.
www.zagorodna.com

Content tags: Overseas property
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