The real estate market has always been a pillar of the economy of modern Singapore, despite its ups and lows over the years. These fluctuations were most of the times influenced by the global economy, however regionally, real estate sales were always an attraction point for foreign citizens coming to the city-state. The same happened in the first 3 quarters of this year when the high-end properties market registered an increase of 29%.
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Which is less that the highest percentage of purchases which was registered in 2007, however it is better than compared to the last two years. Private residential purchases by both locals and foreigners moving to Singapore accounted for 22% of the whole volume, while 29% represented the sales on the high-end market.
According to one of the largest banks in Singapore, the property market in Singapore was influenced by the higher taxes imposed in other appealing relocation destinations all over the world and the increase in sales indicates that the numbers could grow higher in the following years.
Our Singapore company formation specialists can assist those who want to open companies in the construction industry.
According to the same bank, the properties market in Singapore is going through a “recovery phase”, as a consequence of en bloc sales. The bank also estimates that prices could lower by the end of the year in order to rise by 5 to 10% in 2018.
The predictions are based on the current trend of collective sales which during the first 8 months of the year surpassed 3 billion SGD.
Mid and high-end properties are also expected to be purchased more than other categories of real estate in Singapore. More than 12,000 new units are expected to be built and sold next year.
Foreign investors who want to move and open a company in Singapore can rely on our local advisors for assistance in registering a business. Please feel free to contact us if you are interested in setting up company in the city-state.