Singapore is often considered the world’s most livable city and a successful expat destination with its modern infrastructure, clean streets, and safe environment. Singapore has been ranked as the best place in Asia for Quality of Life by Mercer Survey in 2016. Singapore is a country with a huge demand for foreign talent and professionals. The employers are seeking international talent to make up for the skills gap that they have in Singapore. The government of
Singapore has been trying to attract foreign workers by providing a lifestyle that is attractive to foreigners. For example, the cost of living in Singapore is lower than many cities in America and Europe.
Types of Property Foreigners are Allowed to Buy
Although foreigners cannot buy public housing or landed property, they can buy condominiums, private apartments, cluster houses and townhouses in Singapore. The Government of Singapore makes this easier with the introduction of the residential property investment scheme.
The residential property investment scheme is a program that is designed to attract foreign capital into Singapore’s real estate market. It was introduced by the government to boost the country’s economy and provide affordable housing for locals. While it is not compulsory for foreigners to invest in real estate within Singapore, they are permitted to do so through this scheme. Foreigners can buy condominiums, private apartments, cluster houses and townhouses in Singapore at a minimum purchase price of SGD$100,000 (US$76,000).
Do you Know the Common Areas Foreigners Buy Property in Singapore?
Orchard Road, Bugis and River Valley are very popular areas for foreigners to buy properties in Singapore. They are well-planned communities that offer the perfect balance between serenity and convenience. They are close to the Mass Rapid Transit (MRT) lines, as well as medical and educational facilities such as hospitals and schools. In addition, they have a wide range of amenities for residents to enjoy, which includes eateries, shopping malls, supermarkets, banks and food centers.
This makes it possible for residents to enjoy activities such as biking or running along the many jogging tracks that are present in these locations. Foreigners also like that these areas have a more suburban feel than some of the other neighborhoods which are closer to downtown Singapore and more developed for business purposes.
Conclusion
It is no surprise that there are many foreigners who want to buy properties in Singapore. The country has become more and more popular as a tourist destination and has also been ranked one of the most livable cities in the world. Furthermore, there is a strong international economy, high quality living standards, and safe environment for foreigners to live in so it doesn’t come as a surprise that they want to buy here too. You should consider reading our other popular article if you are interested to learn more about the Process for a Foreigner to Buy a Property in Singapore.