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Singapore is a city-state that is consistently highly ranked all over the world due to a number of reasons.There a number of reasons why you should invest in Singapore property.
Location is an important aspect to put into consideration prior to investing. Singapore is centrally placed and investing in Singapore property puts the investor at the center of the international trade routes. There has been an ongoing liberalization of the Singapore market and the privatization of government affiliated companies offering a great opportunity for foreign investors to invest in Singapore property. Singapore is also in the process of integrating with 10 neighboring countries with a combined market of over 500 million people. Singapore has trade agreements with other major countries like Japan, US proving easy access to the global market. Singapore being centrally located, an investor stands to access a market of close to 3 billion people in less than 7 hours of flight time. Singapore has an accessible seaport which offers transport to about 600 ports located in 123 cities. Changi airport also links about 150 cities in over 50 countries. All this transport network forms a basis for a very good locality for foreign investors to invest in Singapore property.
Investors willing to invest in Singapore property should calculate the annual rental yield and compare this to the purchase price of the property. Properties in Singapore’s Central Business District and prime districts have a higher rate of return due to the premium purchase price. Freehold property also has a good rental yield due to the amount of premium in its price as compared to leasehold property.
Another key issue worth taking a look at is the index of property in any country. This is an indicator of economic freedom in a country governing the protection of private property. Singapore is regarded as one of the freest countries in terms of property rights giving investors another reason for investing in Singapore property. In Singapore any agreement can be freely negotiated including lease length in the contract negotiations unlike in other countries where this is limited by the governing laws.
The tax from income of any property is payable to the government and it is the owner’s responsibility to declare income received from the property and therefore pay tax. Foreign investors investing in Singapore property should fill and submit Singapore’s tax returns forms, and they should fully reveal the total rent received and report also on any deductions made.
It is advisable for a foreign investor who has invested in Singapore property to leave it under the care of a professional property manager. One of such property manager is PropertyLaunch.sg. They handle buy, sell and leasing. The property manager will be responsible for any repairs and maintenance of the property and ensure that the property is well managed and respond easily to any emergencies.
In order to avoid losses then an investor needs to put some important factors into consideration. Causes of failure during investment can be due to lack of the right education and inadequate research about the investment property. Before investing in Singapore property investors are advised to fully look into the available options of investment, speak to a property manager and make the wisest decisions at the given time.