Dreary news about global property markets may be the talk of the town with major countries like USA, China, Vietnam and Hong Kong seeing their share of real estate woes. These range from headlines about America’s “frozen housing market” which saw sales hit a 13-year low, as well as China’s worsening property market despite government support.
However, not all is doom and gloom as there are silver linings to be found in the proverbial dark cloud.
In 2024, Morgan Stanley believes that investment opportunities will continue to be plenty, even as investors take a more selective approach. Countries that are a good fit for this philosophy include India, Mexico, Greece, Poland, and most important of all, Singapore.
In line with this belief, one contributing factor to Singapore’s market potential is the influx of wealth into the country and the Asia-Pacific region, as reflected by the thriving growth of financial advisory firms locally.
Similarly, one indicator pointing towards the enduring potential of Singapore’s real estate market this year is the sustained level of foreign investment.
Despite the doubling of the Additional Buyer’s Stamp Duty for foreigners from 30% to 60% in April last year, foreign buyers still made up 25% of non-landed property sales valued at $5M and above. This strongly suggests that despite increased costs, Singapore real estate will still hold significant appeal for overseas investors in 2024.
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