Singapore is a very diverse country and the world has seen it come a long way since World war II. Real estate is a big sector when it comes to Singapore and they are a lot of facts about real estate in Singapore that you probably might not have heard.
The master plan
There is a master plan that guides Singapore’s development in the medium term, which is reviewed every five years and the next review is expected in the year 2019.
Another plan which is reviewed every ten years is the development plan, where the land use and transportation guidelines are strategically developed to help in the overall development of the city.
The idea of Master plan
In the year 1947, the idea of the master plan came into existence and due to their policies, Singapore has now become one of the most popular city to live in 2010.
The rent control act
There was a rent control act, which controlled housing shortages, but it was revoked in the year 1969 which led to homeowners redevelop their premises.
The balcony loophole
A loophole in the GFA of Singapore, which stated that balconies were exempt from it, led to developers exploiting this loophole and build a lot of balconies to help increase their profits.
The growth of land area
Due to Singapore’s diverse range of population and economy, the land area grew to 23% to help accommodate the people living in the year 1965.
Singapore’s main aim
Singapore has set themselves the goal of building satellites in towns to help them live, work and play in or near the comfort of their homes.
There are a lot of parks
It is predicted that by 2030 at least 85% household are going to live with the 400 meters of parks which helps the environment as well as the people living.
Increase in park connector
It is predicted that by 2020, there will be a lot of parks and the park connectors will increase up to 360 km.
Even the population of Singapore, there are vacant house in Singapore which directly affects the rental market. Surprisingly more than 10.38% of properties are vacant, which is one of the highest vacancy rates.
Average household size
There is a shrinkage in the household since 1990; this is one of the factors that directly affect the property market as developers launch smaller houses to cater the trend and the demand of larger houses decrease and is not well received by the buyers as well.
Property prices to increase
By 2030, the property prices are expected to increase as they are financial hubs when it comes to property pricing.