Deciding To Invest In Singapore Property - New Or Resale Property?
Online, August 3, 2012 (Newswire.com) - Investors looking at Singapore Property market should take note of the different dynamics between Singapore property new homes market and resale market. The rising home prices in Singapore and the slew of cooling measures has also added new factors to consider while investing in Singapore residential properties.
Looking at last year's numbers, buyers bought a record 18,920 new homes directly from developers ( This numbers include Singapore condominiums, apartments, executive condominium and landed properties). However, the story is different for resale market. The number of resale homes sold fell to 15,013 units. This reflects a drop of almost 25 per cent compared to 2010.
Property experts observes that the slew of cooling measures has caused buyers to consider new homes more favorably than resale homes. In particular, the seller's stamp duty of up to 16 per cent for home buyers who re-sell their property within four years, has driven more buyers to the new homes market. Buyers know by the time their new home is completed in three or four years time, they are subjected to less stamp duty or none at all.
Another factor which helped new home sales is the progressive payment plan for new homes. The purchase price of new homes are paid in installments over the years until the project is completed. This help buyers to managed their housing loan at an affordable level compared to resale home which buyers have to pay the full mortgage loan from the start.
The slew of tough cooling measures introduced to chill the hot property market would have caused the market to tank if they had been introduced under the circumstances in the past. However, these are exceptional times bought about by the flood of cheap money., resulting in low interest on bank loans in years.
Local Singaporean and foreigners looking to invest in in Singapore property market should check out BuyRentSingapore.Com - Singapore Property Listing website: http://www.BuyRentSingapore.com, or http:// www.BuyRentSingaporeProperty.com to get an overview of the available projects and the latest promotional offers.
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