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A year ago, the Singapore government instituted an extra buyer's stamp duty (ABSD) of 10% that is needed to get paid by all foreigners seeking to purchase property. Many real estate property professional think that this became the key reason that property prices fell recently .8%. Only time we tell what the long run effect in the new tax could have on the real estate market overall. panorama condo
The Singapore property has been on fire for such a long time, that numerous active investors did not ever think it would slow down. If you are not familiar with Singapore, it is an island state that is located in Southeast Asia.
Singapore is a democracy, and is also without question one of many strongest economies on the planet. If the population is out of work, presently, less than 2%. Actually 2% is too low, because it means that there are not enough employees, for the jobs that are available, while that figure might sound fantastic.
This is one of the reasons that real estate property investment in Singapore is anticipated to buy soon after the long run outcomes of the latest tax are fully understood by everybody which is evolved using this type of market. Singapore is ideally situated on the shipping routes in this area on the planet.
Because of that, the country has one of the busiest and more profitable ports in the world. Most of us are fully aware of the fact that many countries positioned in Asia economies are just booming. Singapore is found nearKorea and China, and Thailand, whose exports to both the US and Europe are increasing significantly each and every year.
The port of Singapore is one of the country's most essential and well paying employers. This advanced facility is continually upgrading its operation and expanding its capacity simply to try and keep track of demand. Because of this, the Singaporean economy is expected to continue growing at the same incredible rate is has been for the past ten years, for the foreseeable future.
Considering that the country of Singapore's democracy is very well respected and thought to be very stable by the citizens that reside inside the surrounding countries, many of those citizens have flocked to real estate market and acquired properties.
Unlike some of the countries that are situated in the region, like China who seems to be still communist, South Korea which has to handle the North Korea threat, and Thailand that recently had bad riots, Singapore is recognized as an intelligent and safe haven for long term capital investment.
If you have been checking out the latest property launches in Singapore and are trying to decide when or if you should buy, more than likely things will go back to normal very shortly. There is no doubt that the new ABSD property tax will have a short term effect on the market, but Singapore has way too much going for it to drag it down for too long.