In Singapore, the legitimate interests of people both at home and abroad are fully protected by law.
Information on all real estate transactions and transaction prices in Singapore can be found on the government website with specific transaction information such as price, size, time of transaction, and type of land lease.
Buyers can check the market transaction price of the house at any time to ensure that they are paying the market price. Also, the whole title transaction is done with the assistance of professional licensed real estate brokers, lawyers and bankers, making the whole title transaction process efficient and transparent.
Singapore is politically stable and has a very sound financial system. Even in 2008 when the financial crisis was at its worst, the Singapore dollar remained one of the most stable currencies in the world because of its well-developed financial system.
The wealthy island nation with a population of less than 5 million has foreign exchange reserves of over $170 billion, the eighth highest in the world, and the highest foreign exchange reserve ratio per capita in the world.
Recommended by the United Nations as the best city for human habitation, Singapore is politically stable, with good social security, a clean and beautiful environment and excellent infrastructure.
The whole country is like a big park and is known as a garden country. On par with Finland, Norway and Switzerland, it continues to attract talented people from all over the world to Singapore in search of new development opportunities.
The private housing market remained stable in the second quarter of 2021, although the New Crown Pneumonia outbreak management measures tightened in May and June 2021.
The security management measures limited viewing activity during the quarter and had an impact on the launch of new private housing projects, but transaction volumes and prices remained at a good level during the quarter.
According to market observations, buyer confidence remained generally unchanged, driven by Singapore's economic recovery and a more optimistic economic outlook.
Looking ahead, home sales in all market segments, namely new private home sales and private home resales, are likely to exceed sales in 2020.
The decline in new private home sales is primarily due to a lack of new development projects as developers choose to delay plans to launch new projects until the second phase of high alert unsealing.
The number of new private homes sold in the second quarter of 2021 was 73% higher than the 1,713 homes sold in the second quarter of 2020 compared to the same period last year.
Meanwhile, the market performed particularly well in the second quarter of 2021, with 5,333 resale private homes changing hands, the highest quarterly resale figure since 5,809 resale private homes were sold in the third quarter of 2009.
The total number of private homes sold in Q2 2021 was 8,449, including both new private homes and resale private homes, but the number of subscription rights resale transactions remained low at 150.
Singaporeans accounted for 81.9 percent of new private home sales without land in 2021 Q2, slightly lower than the 82.9 percent in 2021 Q1.
The share of foreigners purchasing non-landed new private housing increased to 4.9% in 2Q 2021 from 4.2% in the previous quarter.
Housing rental demand remained flat in 2021 Q2. As home offices remain the current default work setup, there is a desire to find larger homes, which in turn boosts rental demand.
Rental demand is also driven by tenants who need to find temporary housing due to delays in completing their new homes. As a result, landlords may find themselves in a better position to demand higher rents.
With Singapore joining P2HA, it may create some uncertainty for developers' new project launch activities in the next quarter, but it will not have a significant impact on demand or prices.