Did you know that safety is a big reason why many migrate to SG? Singapore is known to be one of the safest cities, and countries to live in, in not just South East Asia but the world.
In a recent Gallup study, it was found that Singaporeans were the most content and had the most confident in the world in their law and order in their city. However, because Singapore happens to be a city, a state and a country at the same time, Singapore is widely regarded as one of the safest countries in the world.
Additionally, because of low taxes as well, this has led to many wealthy expatriates taking up a permanent residence in Singapore and migrating to Singapore. When you compound this effect over many years and a few decades, you get a huge demand for permanent residency as well as real estate and property in Singapore.
This is a big part of the reason why Singapore’s property is among the most expensive in the entire world, because Singapore has a small land size, yet with a constant influx of rich people migrating here and wanting to get properties locally in SG. As a result of this low supply of housing but extremely and still rapidly increasing demand in property in Singapore, it has led to sky rocketing prices. This has been worked on by the local government to keep it reasonable by introducing cooling measures and Additional Buyer Stamp Duties to make it significantly more expensive for foreigners, so that prices are more reasonable for existing locals.
This Additional Buyer Stamp Duty for foreigners have also led to more foreigners wanting to send in their application to be a Singapore PR so that they can eliminate and avoid most of these extra property taxes. These taxes can be very hefty in dollar amount because of the originally already high underlying property prices. By becoming a Singapore PR, these foreigners are able to leverage the law and order and safety of Singapore, while still getting a piece of local real estate at a more reasonable rate without the ridiculous taxes!