The transactions of private homes have hit a record high, and a considerable number of them are property buyers from Singapore. This might be a clear sign that the residential market has hit its lowest point or the different regulatory measures put in place have worked out. The amount of property sales shot up during the first seven months of the year 2017.
The initial number of property sales was 6,785 which later rose to 10,565 during the same period of 2017. This represented a 56% increase and was the first time such volumes of sales were witnessed since the last sales rise in 2013. About 78% of property buyers were Singaporeans which is different from what was seen during the same period the previous year when the figure hit about 74%.
You can also buy property in Singapore as a foreigner. Foreigners are required to have the right documentation to be in the country or conduct any transaction there. Visa Express can help you get your Singapore visa very fast, please visit singapore-visa.net A higher percentage of foreign buyers have mostly been from Malaysia, Indonesia, and China.
We are yet to witness a drastic rise in property prices over the recent days. They remain low by about 12% since the last increase in 2013. The Singapore property market might be at a point of inflection and may witness a drastic increase in the number of sales as the prices move slowly. This might be an indication that the rates have reached a stage where buyers can move in anytime they wish. Let's have a look of what all this will mean.
A Market for Local Buyers but Not Speculators
Buyers who are not Singaporeans are always seen as speculators in that they will invest in properties with their only aim being making a profit out of it. Foreign buyers are slowly pulling out as the primary buyers in the Singapore property market. More residents have now dominated the property market. It is a good way of buying because it will not lead to regular price hikes that will keep off most local buyers.
Singapore Residents May Be in a Rush to Utilize the Lower Interest Rates
Property buyers from Singapore are doing their best to make good use of the current interest rates that have been there for almost ten years now. Singapore banks have become adjusted to the increasing mortgage rates and the threat that it poses. Apart from the interest rate caps, Singapore residents have used up most of the anxiety from the previous years after the announcement of interest rate hikes.
Regulatory Measures Seem to Work and Will Be There for Sometime
Everything is taking shape as stipulated in the Singapore property market. Owning a home has become much easier because prices have gone down. Property prices have gone down by about 12%, and there is a feeling that they can go down further depending on how the set measures are going to work. The chances of seeing them rise over the next few days are much lower.