Overview of the real estate market of Singapore
In the world there are not a lot of cities where all benefits of a civilization and fine ecology are so organically combined, as in Singapore. The island which is buried in verdure and surrounded with the ocean - than not the perfect place for purchase of own housing especially as the choice became so broad in recent years? But let's try to understand that represents the market of the residential Singapore real estate today and what opportunities it offers buyers from other countries...
It is not enough place - many rules
As well as practically all in Singapore, the residential real estate, namely about it will go the speech today, is strictly structured and painted on categories. Them, these categories it is, not enough, namely:
• the state housing (HDB - from Housing Development Board);
• private housing with an earth plot;
• and also private housing without that - that is apartment.
The state housing - only for citizens of Singapore. And for them it is on sale with many restrictions. For example - the applicant should have no other private housing in property at the time of purchase, and he will be able to sell the HDB the apartment not earlier, than in 5 years.
Well and of course, even in spite of the fact that state, citizens get it it not free. Practically all housing is bought on tick, made out on the head of family and as in Singapore there are no unemployed, receiving a mortgage is not a major issue. And rates are unlike lower than the Russian - only at the level of 3-4% per annum. Therefore at the average salaries around 2-3 thousand dollars which yield revenue in 5-6 thousand on family payments become quite transferable. And many apartments are not so expensive - the average price of 3-roomed HDB (2 bedrooms + the living room, about 70-80 sq.m.) is in the region of 350-400 thousand Singapore dollars that does them comparable with the Moscow housing. Though even in the market of the state housing of the price vary enormously, and cases when big new apartments (5 rooms, 150-170 sq.m.) reached one million are already known.
Private housing is a market segment, available to foreign purchasers. If you are not going to buy up all apartments in one house and do not apply for purchase of land, then, perhaps, the size of a purse or the bank account remains the only limiter.
In other words - the most natural option for possession is an apartment in condominium.
Condominium - a complex from one or several private apartment houses, on the certain protected area with a set of conveniences to residents. The pool, gym, a sauna, children's playgrounds, rooms for celebrations and actions, as a rule, belong to standard conveniences of condominiums and also the mini-market, tennis courts and is much another.
Recently new and new types of entertainments for inhabitants, for example gardens for cultivation of own plants, pavilions for meditations, for observation of the star sky, sites of the pool with water therapy , etc. are constantly added to standard set all.
Also the range of the offered housing concerning design of constructions and a variety of the territory is also very wide. The latest trends of architectural design never avoid Singapore, and as a result each 2-3 years the market offers something new and other than previous.
How sale of such housing to foreigners is regulated? First, and it is the most important and severe measure for "cooling" of the real estate market, the additional tax on purchase reached fifteen percent at the beginning of this year. In addition to it a standard tax on registration of purchase of housing - 3% and consequently, it is possible to add 18% to the price tag declared the developer or the real estate agent already. But not everything is so gloomy.
First, housing really costs this money in all respects.
Secondly, on early sales phases builders offer impressive discounts, often directly suggesting to undertake an additional tax on purchase.
And at last, in Singapore there is no tax on sale and capital gains tax, therefore, as far as your housing would not grow in the future, it is necessary to pay nothing any more. If only you do not lease it - but in this case a tax quite responsible (4% of the rent), and it is paid by all, regardless of pattern of ownership.
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