Without a doubt, Singapore is the financial hub of Asia. With the rise of global firms conducting business here, expat community also increased. Singapore is an island nation known for its tolerance and vibrant community. You wouldn’t want to leave Singapore when the time comes. It is indeed a good place for an expat to settle.
If you decided to settle here, you should know the cost of living first. Start by choosing a home. Choosing a home is not easy because the prices depend on the district and the developments around. Despite the costs, Singapore still remains to be a famous place for individuals to invest. Here are a few things that you should know before buying a property:
Can an expat buy property here?
You should know that there are certain restrictions as to what properties expats can buy here. According to the Residential Property Act, expats are allowed to buy condominiums like Riverfront Condo without seeking government approval first. If you are thinking about buying a land, there are other restrictions. It is better to ask a local expert about buying a property here.
What is the average cost of properties here?
As mentioned earlier, the prices will depend on the district and developments around. If you are ready to pay a hefty amount, you should live in the city center. The average purchase cost of 120 square meter condo unit is $1,649,760 and $2,666,200 for a 200 square meter condo unit. If you want to save more, you have to be prepared to commute into the city center every day.
How can you find the right property?
The good news is that there are many ways to find the right property. The most prudent way is to ask for a local property agent. The local agent can help you navigate through the process. There are many property websites available if you want to seek the help of local agents. There will be fees included but at least you will be assured that you are transacting with a reputable person or agency.
What are the legal requirements?
To help you with the legal requirements, you need a local lawyer. The lawyer can help greatly when it comes to making contracts and other legal matters. The lawyer should be responsible to check the seller and ensure that you will not be a victim.
Can you get a bank loan or mortgage here?
Most expats have cash upfront when buying a property but in case you do not have, you can arrange a mortgage for your new home. There are many banking institutions in Singapore so you have many choices when you need to arrange a mortgage. The largest back in Singapore is The Development Bank of Singapore. This bank is known for its services offered to the expat community.
Buying a property in Singapore is expensive but it is a good investment. If you are not yet ready to buy a property, you can rent.