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Foreigners and the Bubbly Property Market

Watchman

Alfrescian
Loyal
Foreigners and the Bubbly Property Market
Posted on December 21, 2010 by thesunshineson


There is this symbiotic relationship going on between foreigners in Singapore
and the property market. Foreigners, including PRs, are buying new and
resale real estate. Foreigners are also renting in the prime 9, 10 and 11 to
the suburban estates. Developers are happy, housing agents are delighted,
sellers of HDB and private apartments are euphoric because these foreigners
are snapping it up hungrily as Singapore builds itself to reach a population of
6 million. Imagine the immense shock to landlords and property owners who
overextended in buying more than one property when populist rage for less
foreigners in Singapore becomes policy?

The first to be hit would be the construction and real estate industries,
besides dad-and-mom property investors as the foreigners would just
pack up and go elsewhere. Nevertheless, nothing to worry for now as
the government’s calm assuring voice that uptake of permanent residency
and citizenship are slowing down i.e. there are still foreigners coming in
and it is only that they are not intending to take more long term
residence here, that’s all.

Still, foreigners are so intertwined into the local property market now,
excluding the high profiles stories of Jet Lee buying a Bt Timah GCB.
Their sudden departure is going to cause a serious property market
correction. But that is a worry best tackled after the election the PAP
hopes to think. Ask the PAP such difficult questions now, we should.
 
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