In Singapore, home ownership is a valuable symbol of independence and financial stability. The local property market in the country for 2018 is now a promising venture especially for those who intend to fulfil their dreams of private home-ownership.
The trend for home prices in recent years has been a steady decline, making more homes affordable for many people. Many experts explain that this decline has been largely due to the government’s efforts to regulate property prices.
However, there are other options for those who want to invest in Singapore’s promising real estate market. One of these is leasing property or land for commercial or residential purposes, which can be a good way to generate revenue.
This is where land and property lease in Singapore comes into play. Property investors now have the choice to lease their property for residential or commercial purposes. In such instances, the government needs to work with property developers to determine the amount payable to the government.
The land lease agreement
Singapore property buyers are familiar with the land leasing agreement for many years. First, the initial amount is considerably more affordable than a freehold property. Depending on your needs and preferences, you may find that a land lease is an ideal agreement if you intend to purchase a more suitable property later.
Why you should consider leasing
Since 2015, the rental for many properties have gone down in value as the number of vacant properties has increased year on year. Many property buyers could take advantage of the lower home property prices; though residential leasing remains doubtful, commercial leasing remains a promising venture for many investors.
Experts predict that the market will double in the next decade, and so the best time to invest in property in Singapore whether leasing land or buying properties is now. Besides, for those who want to experience home-ownership would find the values more accommodating now than a few years from now.