Singapore Property Sector Likely To Be Remain Stable In The Long Term.
Three main reasons Singapore property sector will likely show more stability in the long term.
Singapore (I-Newswire) August 31, 2012 - Singapore property market experts are expecting a 10 to 15 per cent in sales volumes this year due to the global economic conditions and cooling measures by the government. But in the longer term, Singapore property market is likely to show stability due to three reasons.
Firstly, Singapore has one the world’s highest number of millionaires households. It has been estimated that almost 17 per cent of all households in Singapore have at least US$1 million in private wealth.
Singapore’s GDP is already one of Asia’s highest at an astonishing US$ 59,711 per person. Singapore has also been ranked fourth in the world in terms GDP per capita. This is an amazing feat, considering the island country has no natural resources and only a small land mass.
The second reason is that Singaporean has high home ownership rate. It has been estimated that up to 89 per cent of Singaporeans own their homes. Compare to some similar countries such as Hong Kong, which is around 30 per cent. This enables Singapore’s government to intervene effectively whenever there is sharp price movements. The government is able to make effective policy changes to keep property price growth in line with the country’s GDP growth. This is help moderate the price movements.
Lastly, Singaporeans’ median monthly household income has been increasing over the years. The trend is likely to continue against a backdrop of low unemployment and business friendly policies here.
All these three reasons will lend more stability to Singapore property market. And savvy Asian property investors still see good opportunities in buying real estate in Singapore.
Investors looking at other Singapore property, are welcome to visit http://www.BuyRentSingapore.Com or http://www.BuyRentSingaporeProperty.Com for new launch Singapore properties. BuyRentSingapore.Com is a Singapore property listing website.
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Published On:August 31, 2012
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