The Singapore real estate market has been on a decided upswing in recent years, and it has been drawing a wider attention of foreign investors as a result. Prices in the small nation in Southeast Asia have been rising rapidly, with 2007 residential prices increasing by over 30% for the year!
According to the Singapore Urban Redevelopment Authority, prices for residences rose 6.8% in the fourth quarter alone, but that was down some from the third quarter when prices rose 8.3%. One reason for the slowing price increase was the number of new projects in the pipeline. At the end of 2007, there were 64,852 units under construction or had gained approval for construction. Of these, over 56,000 are expected to be completed during 2008.
With Singapore growing so quickly in recent years, more and more foreign investors are looking to purchase apartments and condominiums here. According to a recent article in the International Herald Tribune, both the number of foreign buyers is increasing as well as the base from which they come.
For 2006, for example, Indonesians and Malaysians made up nearly 20% of foreign purchasers in Singapore. That number is down from 23% in 2003. Britons, who had previously been a very small percentage of buyers, made up nearly 9% of foreign buyers in 2006. In addition to the increasing Brits who are buying, other Asians from India, China, Taiwan and Korea are bringing a lot of new money into Singapore for property purchases.
Singapore is booming, and while it might be slowing a bit, the hot market looks to continue for the next few years at least.
