Ultimate Guide When Investing in Singapore
Over the years, Singapore has transformed into one of the richest nations in the whole world. That explains why many investors are interested in investing in the country. Some of the things that have led to the growth include the country’s openness to foreign investment and its strategic location in the Strait of Malacca.
The country also has the most developed economy. It is a unique country among its neighbors. For investors who want to get a piece of the Singapore property, there are certain things to keep at the back of your mind.
Property taxes
You will pay taxes when you buy property in Singapore. There is an annual property that you have to pay. Both taxes are higher, especially for foreigners. The tax you pay when buying property is known as the additional buyers stamp duty. It is payable on the purchase price of the property.
Singaporeans who buy property for the first time do not pay the additional buyer’s stamp duty. However, Singaporeans who buy property for the second time are required to pay 7%. The percentage increases with subsequent purchase. It is advisable that you know how much you will pay as property tax before you decide to invest in real estate.
Places to invest
You will be spoilt for choice when it comes to investing in real estate in Singapore. There are plenty of options at your disposal. There are unique neighborhoods which you can invest in Singapore. One of the places where you can invest in is the central area.
The central area is one of the most expensive places in Singapore. Here, you will get a property on a leasehold basis. You can also invest in Jurong. Jurong is in the west region of Singapore. You will get plenty of housing in this area. The area is near to the National University of Singapore and is popular among students.
Real estate agents
You can make your work easier by hiring a real estate agent. They offer high service standards and only charge a commission rate of 1%. You can rest easy knowing that you are in the right hands.
Furthermore, hiring a real estate agent means that you work with someone who is knowledgeable of the Singapore real estate. You will get the best property without paying huge sums of money. The real estate agent will do everything and make sure that you get the property without any hassles.
