Singapore Property: 5 Myths Debunked
1. Property prices in Singapore are unaffordable
It's a common misconception that property prices in Singapore are out of reach for the average person. However, this simply isn't true. While there are some pricey properties on the market, there are also plenty of affordable options available if you know where to look.
2. The process of buying property in Singapore is complicated and time-consuming
Another myth about purchasing property in Singapore is that it's a long and complicated process. However, this doesn't have to be the case – with the right help and guidance, buying a property here can be straightforward and relatively quick.
3. You need to have perfect credit to buy property in Singapore
This one isn't true either! While having good credit will certainly make the process easier, it's not necessary to have perfect credit in order to purchase a home here. There are plenty of financing options available even for those with less than perfect credit scores.."
4. You need to be a Singapore citizen or PR to buy a property
This is also not true – foreigners are allowed to purchase property in Singapore. However, there are certain restrictions in place, such as the type of property that can be bought and the amount that can be spent. Nonetheless, with the right help and guidance, buying property as a foreigner is definitely possible.
5. You need a huge down payment to buy a home
This is yet another myth about buying property in Singapore. While it's true that you'll need to put down a deposit, it doesn't have to be huge – typically, 10-20% of the purchase price is sufficient.
So there you have it – 5 myths about buying property in Singapore that are simply not true! If you're thinking of purchasing a home here, don't let these myths discourage you – with the right help and guidance, the process can be quick and easy.
Brian Loh CN
MSc. Applied Finance, University of Adelaide, Australia