In case if you are interested in understanding the global real estate market or interested in the economic affairs of Singapore you are at the right place. Real estate market is the housing market of Singapore. Most of the times we mistake real estate as a field that is tough and hard to interpret. But that is not the reality. By understanding a few things like market fluctuation, the influence of money market and share market in housing market and the demand and supply chain of investors and sellers, we can easily understand how the real estate market functions. In the event of understanding real estate of the global platform, it is imperative to know about the Singaporean Economy and the influence of housing market on it.
Here are the few things that you have to understand about the real estate market in Singapore:
The Singapore’s real estate market includes all sorts of investments that people make in condos, apartment, independent houses, flats, lands and much more. All these put together will have an impact on the economy of Singapore. This sets the trend of the real estate market. If you have you understand the housing sector in Singapore there is one thing that you have to know mandatorily. It is the public housing system that widely exists in Singapore.
Singapore and public housing:
In case if you didn’t know earlier, more than 80% of the people who live in Singapore live in government housing sectors. These sectors that are taken by the government authorities are called Housing Development Board. There are about 23 town and 3 estates that are spread across the island. The 23 estates that are located on the island comprise of more than a million houses. The best part about being in a housing development board is that they are well developed and so cool for accommodation. They are vibrant and affordable as well.
The idea of government housing system came as a result of the homelessness the people of Singapore were going through before the 1980s. The whole world is well aware of the fact that Singapore is an island that saw steadfast development in a couple of decades. From the state of being an under-developed state, it is now a developed nation that highly contributes to the world economy. The GDP of the nation stands at 18.2, which as of 2017 is 3 fold higher than the GDP of India. So back to our point, the idea of development came in the year 1964. From then on there is no turning back. The best part is that it is affordable for people who belong to the different section of the economy.
The popularity and the win-win situation that is created by the government, makes people highly welcome the idea of Public housing. So as far as the world knows, it is the idea of public housing that has made the housing markets of Singapore highly successful.