Real estate is an odd business that is filled with risks and returns that may not affect everyone. The market is not an easy one to climb because all your moves need to be accurate if you wish to make the most out of everything. Calculated risks and the right knowledge about the market is the only way through which you can advance further in the industry. The Singapore real estate market is no different, and the right moves will take you to the right places. Apart from that, there are specific facts about the entire market which is unique to the whole place. So, here are all the top facts about the Singapore real estate market.
1. The Concept
Certain plans involved in the market is reviewed every now and then based on the criteria of necessity. This particular plan is called the development plan, which includes land and transportation guidelines. These plans are strategically made to provide for the overall development of the city. So, in the end, the benefit will be tasted by everyone who is a part of the city.
2. The Main Concept
The development plan is not the only thing that is being reviewed every five years. They do have a master plan that guides Singapore’s development in the medium term. As the process takes place once in five years, the year 2019 seems to be the next big thing.
3. The Act
The market once had a rent control act that mainly dealt with housing shortages and put forward a bunch of restrictions. But the year 1969 changed things, as the Act was revoked and homeowners went ahead to redevelop their premises. Things took a whole new turn with that move, and people were thrilled with the new set of advantages they were facing.
4. The Growth
Not many individuals are aware of this phenomenon, and the growth of the land changed things. Thanks to the advanced growth of the economy and the diverse range of population, the land area grew up to 23% to accommodate the people living in the year 1965.
5. The Master Plan
Singapore moved forward with a set of policies that first developed in the year 1947 and changed the future of the market. These policies paved the way for terms and conditions that made Singapore one of the most popular cities to live in by the year 2010.
6. Parks and the Environment
We are all aware of the environment and the way things are shaping our future. As we start to experience the effects of climate change, Singapore has taken a positive step into the future. By the year 2030, 85% of households are going to be living with 400 metres of parks close by.