Singaporean residential property is being deemed as a lucrative asset.
The Singaporean residential property market is hotting up as there has been an increased number of interest and transactions. Investors have identified this as a good time to buy as prices remain low, and the commercial market is experiencing positive signs as a record bid was received on a plot in Marina Bay.
According to data released from the Urban Redevelopment Authority the number of residential sales in October has seen a dramatic increase. From 509 transactions in September, the numbers were more than doubled the following month reaching a healthy 1,252. These figures are the highest that Singapore has experienced since July 2015 as developers placed more projects on the market as a response to demand from investors. In fact they released 1,467 units in October alone, nearly triple that the numbers that became available the previous month.
Recent statistics revealed from real estate firm JLL have identified that the number of foreign purchasers for the first nine months of 2016 has increased 11.6 percent if compared to the same period in 2015. Whilst the Chinese are topping the charts as the most proactive purchasers, the Indonesians are second accounting for 14.6 percent of all purchases. Pinpointing now as a good time to invest in property, the Chinese have beaten the Indonesians to the top of the chart who were the top foreign buyers in Singapore since 2010.
Despite this renewed interest property values have remained low and are 11 percent lower than Singapore’s peak in September 2013. However with many investors keen to take advantage of these prices, an upward increase could be seen but is not expected anytime soon. Since 2009 the government have taken measures to try and cool the market which was continually spiraling upwards with the tightest restrictions put in placed in 2013.
