Housing is one of the most basic and irreplaceable feature to maintain one's living standard. Singapore has a very high standard of living for expatriates and the city has one of the best living conditions in Southeast Asia. Many expatriates enjoy a Housing Allowance and are housed on the expense of their employers, thus eliminating substantial costs of renting homes in Singapore. The private rental market almost exclusively concentrates on expatriates, as locals enjoy the provision of low cost public housing.
Consumers & Product
The majority more than 80% of Singaporeans live in public housing. These homes are located in housing estates, where most are developed neighbourhoods with schools, supermarkets, clinics, food centres and recreational facilities. These popular neighbourhood estates are in fact called HDB. The rest of the population live in private housing, such as apartments, condominiums and landed properties. In fact, housing is one of the biggest constant cost of the Monthly Household Expenditure are spent on housing. In addition to that, the development of housing market could also help influence other sectors related to it, namely, Housing Utilities, Furnishings, Household Equipment and Routine Household Maintenance
On the other hand, Housing could also be a way of investment with gains and losses and it could also serve as a means of capital saving since residential properties could be sold or rented and their prices vary with the market. For instance, housing sector has been the main driver of economic growth. Therefore the weakening of this sector has ominous implications for continuing expansion in the period ahead (1).
1) Ho, Chi Wing and Sim Loo Lee. Studies On The Property Market. Singapore: National University of Singapore Press, 1992.
External factors affecting real estate in Singapore
The Price setting in the Real Estate market of Singapore is highly dependent on the Global economic pattern, financial crisis...