Love the content Xueni! Any tips for foreigners looking to move to Singapore, especially buying vs renting? You mentioned ~89% of people in Singapore own their own home but how easy would it be for foreigners? Background: My wife & I are working professionals based out of the US and we currently own our home in California. Open to selling our property and reinvesting the money in one in Singapore. We would ultimately try to work remote from Singapore (for a US company) or find new jobs in Singapore. Any tips would help! Thank you 🙏🏻
Hi @ReleaseExpert, thanks for taking time to leave a comment. I'll try my best to reply as comprehensively as I can, but please do your research as I'm not a licensed real estate consultant. The high home ownership rate is mainly due to the availability of affordable public housing (flats/HDB) and grants for sg citizens and permanent residents (PRs). That said, any foreigners can buy a property in Singapore, with a few things in mind: 1. The type of properties - HDBs are not available for purchase by foreigners - That will leave u with the option of private residentials, i.e. condos. So they will be more expensive. 2. Buyers Stamp Duty (i.e tax) - There is a 60% tax for foreigners who wish to purchase a property in sg. However, this doesn't apply to Americans due to the free trade agreement between sg & the U.S. (great news! yay! 🙃) 3. Availability of mortgage - I believe there will be some requirements by the bank to offer a mortgage to foreigners in sg, it will be good for u to find that out before making any big decisions. 4. Property as an investment in sg (additional optional info) - The long-term average private residential property growth in sg is around 4.6 to 4.8%p.a, albeit some property investors do make money if they are lucky to pick the right project. - If we look at pure statistics, considering the rate of growth plus the current mortgage interest rates and other fees involve, it may not be the best place to growth your wealth and it will be better to see sg property purchase as a residence rather than an accumulation tool. Hope it helps! And see u around! 🤍🙃
Impressive. Thanks for sharing! Hello from San Francisco
Hello! Thanks for dropping by! Sending love from Singapore 🩷
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Great tips and best wishes for a good start of 2025 soon!! ❤
Love the content Xueni! Any tips for foreigners looking to move to Singapore, especially buying vs renting? You mentioned ~89% of people in Singapore own their own home but how easy would it be for foreigners?
Background:
My wife & I are working professionals based out of the US and we currently own our home in California. Open to selling our property and reinvesting the money in one in Singapore. We would ultimately try to work remote from Singapore (for a US company) or find new jobs in Singapore.
Any tips would help! Thank you 🙏🏻
Hi @ReleaseExpert, thanks for taking time to leave a comment. I'll try my best to reply as comprehensively as I can, but please do your research as I'm not a licensed real estate consultant.
The high home ownership rate is mainly due to the availability of affordable public housing (flats/HDB) and grants for sg citizens and permanent residents (PRs). That said, any foreigners can buy a property in Singapore, with a few things in mind:
1. The type of properties
- HDBs are not available for purchase by foreigners
- That will leave u with the option of private residentials, i.e. condos. So they will be more expensive.
2. Buyers Stamp Duty (i.e tax)
- There is a 60% tax for foreigners who wish to purchase a property in sg. However, this doesn't apply to Americans due to the free trade agreement between sg & the U.S. (great news! yay! 🙃)
3. Availability of mortgage
- I believe there will be some requirements by the bank to offer a mortgage to foreigners in sg, it will be good for u to find that out before making any big decisions.
4. Property as an investment in sg (additional optional info)
- The long-term average private residential property growth in sg is around 4.6 to 4.8%p.a, albeit some property investors do make money if they are lucky to pick the right project.
- If we look at pure statistics, considering the rate of growth plus the current mortgage interest rates and other fees involve, it may not be the best place to growth your wealth and it will be better to see sg property purchase as a residence rather than an accumulation tool.
Hope it helps! And see u around! 🤍🙃
@@iamxueniyang Thank you for taking time to response! Super helpful and good thing SG & US have the free trade agreement haha