Singapore is a very small country, which means land space is at a premium. Taking that into account, the basics of Singapore real estate are a little different from larger countries that have more room to spread out. Instead of growing horizontally, much of Singapores newest real estate is found in tall skyscrapers and other vertical buildings. High rise apartment towers, multi-storied office buildings, and more stand tall in the major urban areas.
One of the most interesting things about Singapore real estate is that, unlike in some countries, a very large number of permanent residents (almost 80 percent, in fact) do not own their own homes. Instead, they live in public housing that has been build and is maintained by the Housing Development Board. Typically, these homes are built on what are called housing estates. These estates are almost like small, independent areas in that they include schools, medical facilities, recreational and exercise facilities, and supermarkets.
However, just because these homes are public housing and are usually flats does not mean they are tiny or will feel crowded. In some countries, there are very few flats with more than three bedrooms. In Singapore, however, it is not uncommon to live in a three bedroom apartment, especially if you have a family. These larger flats are around 1,400 square feet, the size of a good-sized house. Executive flats and executive mansionettes are also available. These mansionettes often feature offices and workspace on one storey and living space on the next.
While it is true most people in Singapore live in housing provided by the Housing Development Board, a small percentage do own their own homes or live in flats or condos that are not under the boards direction. These pieces of real estate are, naturally, quite pricy. Few of these properties come up for sale, also, so it can be hard to find one you like that is available.
One of the reasons few privately-owned homes are sold in Singapore is because there is a high demand for rental properties. Many owners move into board housing and then rent out their private home for a good amount of income. Rental properties have become more and more popular in Singapore recently, driving up the cost and leaving few homes on the market. As more people relocate to Singapore for work, especially international workers who are used to living in a single-storey home, the demand for rental properties will only increase.
As far as commercial properties go, many foreign investors have recently begun buying some of the best commercial space for businesses and corporate offices. Banks and financial institutions are especially interested in relocated to Singapore at this time since the country is quickly becoming the financial hub of Asia. Real estate that offers excellent office space and easy access to major transportation hubs is especially sought after.
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