Residential private property has doubled in Singapore every two years from 2006-2012. The price has stabilized, and property owners are having a great time. The government has to impose some restrictions to curb the escalating cost of a property in Singapore. The island city with modern infrastructure, a growing economy, and delicious food and drinks is always a favorite tourist destination. One the fastest growing economy of the world, the real estate is no exception.
Prospects
Singapore is truly a cosmopolitan city with substantial international residents. The rental market is lucrative and tempting as many people across the world come over here and need accommodation. The quality of real estate development is immaculate, both new and old buildings are maintained according to the guidelines set by the government. If not adhere to the rules, then the hefty fine is imposed on the property owner. Every property is inspected regularly, and a master plan is designed for any disaster.
Opportunity
The land in Singapore has only 719.1 square kilometers. This is the major constraint for providing housing solutions to the growing population. This is also the primary reason for the high property price. Real Estate Jobs in Singapore gives you excellent career opportunities, which is also highly rewarding. The dwindling number of viable land for development and on growing economy and population keeps the price high.
Leasing is very common in Singapore, especially the long term contracts of more than six months. Part of the building or whole building can be leased out. In Singapore rental rate is higher than the mortgage interest rate. If you have a property in a prime location, then the rent is significant. Singapore is always considered to be an expensive city to live in. In spite of being expensive, it is worth to have a property in Singapore. The tax regime is simple, and if you stay in Singapore for less than 183 days in a year, you have paid no tax. Highest tax is capped at 20% of your income. Buying a property will save a huge tax.
Career
A career in this sector is of independent nature with your own networking. A strong relationship is the core of the success of this business. The growth of your career is limitless if you have a presentable attitude with excellent marketing skills. There is a fabulous scope of growth in real estate, especially in Singapore. Projects are completed within the stipulated time in Singapore, saving a lot of resources. Any delay in the completion of the project attracts penalties from the developer by the government.
