3 Advantages and disadvantages when buying a property in Singapore as an expat

Posted by Rae Lee on November 29th, 2020

Singapore has always been one of the most sought after places to live in. This is because of its healthy and successful economy. However, there are some pros and cons to living and buying a property in Singapore. As an ex-pat, you might have doubts or second thoughts about permanently moving in. So, in this article, we will talk about the advantages and disadvantages when buying a property in Singapore as an ex-pat. 

Advantages

Low Tax 

Singapore is known to be a tax haven as it offers low taxes and other incentives for foreign residents. It charges a 15% flat rate for non -resident or foreigners. This is relatively lower than in neighboring countries. This means that you would get to bring home a bigger portion of your salary. This is convenient because you can allot more for your necessities and daily needs.  

Living in a different country is not an easy task. That is why every penny that you can save is a big help. This is one of the things that attract ex-pats to buy property in Singapore and finally reside in it. To further help with saving expenses, you can ask a Singapore property agent to find you a property that costs less compared to those found in prime locations. 

Diverse environment

Since Singapore has a very active economy, many businesses are attracted to set up a business here. This also drives many foreigners to look for job opportunities in Singapore. That is why for many years now, it has a very diverse culture. Singapore residents are a mix of different races and cultures. It is not only composed of Asian but also Middle Easterners and Westerners. 

Aside from job opportunities, Singapore also has a good education system. That is why people from all races and ages are inclined to relocate to Singapore. This drives a high number of people to buy property in Singapore. As an ex-pat, you can reside in places that are composed of the same race or culture as you. This way you will not have a hard time adjusting as the environment is familiar. Your Singapore property agent can be knowledgeable about things like this. 

Various job opportunities

As stated above, Singapore has one of the most stable economic positions. This is why there are many businesses from different industries in Singapore. These businesses continue to grow in number. That is why job opportunities in Singapore are limitless. You can find a job in any industry you are from. There are many options when it comes to job vacancies. In Singapore, you will not be stuck with one kind of job. These kinds of job opportunities make it more attractive to buy property in Singapore. 

Your Singapore property agent must be knowledgeable about where the most strategic location is for you. You can ask them to put you in a prime location where job opportunities that fit you are relatively near. This way, your current job or next possible job is easily accessible. It can even save you the transport expenses. 

Disadvantages

Groceries are expensive

Singapore has always been known to have one of the most expensive costs of living. This is because of its successful economy and limited land supply. This makes the demand for all necessities high thus driving prices to be expensive. This includes groceries. One downside when you buy property in Singapore is that necessities such as groceries are expensive. However, you can request for your Singapore property agent to pick a neighborhood that is relatively less expensive than the others.

Medical costs

True to the first point, even medical care expenses are relatively high in Singapore. Healthcare is one of the most important things to consider when you are looking for a place to live in. This is because it is vital for our survival. Singapore might have one of the highest costs of medical care but there are insurances. Employers must always provide insurance for their employees as this is part of their rights. 

Weak work-life balance 

Since Singapore has one of the busiest business districts, some people forget to balance their work and their personal lives. Some may even feel pressured to just work all the time instead of taking the time to relax. When you buy property in Singapore, you can choose those that are near your workplace but are also accessible to other establishments. Your Singapore property agent should know where the best locations for work and the right amount of fun, especially for young adults. 

Know more with us

Moving to another country is a big step. However, it can be one of the most rewarding things to do. In SRX Property, we can help you gauge whether or not relocating is for you. Visit us today to know more about the advantages of moving into Singapore.