Are Properties Appreciating Over Time?
Are properties appreciating over time? Property Expert, Dave Yong, from ERA Realty Network answers.
A reader Asks:
Are properties in Singapore appreciating in value over time?
Dave Yong, theAsianparent property expert, replies:
This question is quite pertinent especially in land scarce Singapore. You hear of foreigners investing in luxurious penthouses in view of increasing property prices over time. Recently, I read in the news that a Hong Kong permanent resident snapped up a penthouse in Singapore which was previously owned by an Indian tycoon for $30 million. The Indian tycoon had paid $17.3 million for the penthouse just 4 years back!
Accordingly, properties are definitely appreciating in value over time. From experience, I can tell you that property prices in Singapore are soaring. Additionally, the resale price index indicates that property assets have been appreciating over time due to 2 main reasons:
1) The land scarcity in Singapore
Singapore's population is increasing rapidly year on year. This adds on to the land scarcity condition in Singapore. Land scarcity leads to an increase in demand for property which may be attributed to an appreciation of property assets.
2) Singapore's good governing policies
The splendid governing policies of our government ensures a safe and sound environment increasing both the local and foreign demand for properties in Singapore. Over time, our government's policies has caused the value of property assets to rise.
Answered By Dave Yong.
Dave is a senior team director certified in CEHA with ERA Realty Network Pte Ltd. As a full-time professional realtor who mentors a group of associates under his team, his success stories includes winning numerous awards such as Asia Pacific Elite award, Top Achievers awards, Million Dollar Club Producer awards, Top Manager awards and multiple testimonial letters!
Dave exemplifies great service. His transparency and dedication to his job has resulted in many satisfied local & foreign clients who continue engaging him for all their property needs. As a consultant to theAsianparent.com Dave is excited to assist Singapore parents on property trends and update them on polices related to the property market. Dave is a peoples’ person and enjoys communicating on a wide range of topics. He also enjoy sports and spending quality time with his friends and family.
You can also vistit his site at www.sinproperty.com