Main sources of demand – Property for sale in Singapore
The sources of demand for property are generally from political/institutional, social and economic factors. Property for sale in Singapore.
- Political/Institutional
Political stability creates confidence in investing in property. On the other hand, political instability will dampen business confidence and dampen demand for property.
Government policies and changes in legislation will have an impact on the demand. For example, restricting private owners from buying HDB resale flats will affect the demand for HDB. Reducing the loan-to-value (LTV) from 60% to 40% (for those with outstanding loan) will also have an impact on demand for private residential properties. Property for sale in Singapore.
- Social factors
Changes in demographic spread, household size, newly married couples, lifestyle preferences and social status will have an affect the demand for housing but at a slower pace. A relaxation of immigration will cause a sudden population growth which will result in a sudden increase in demand for real estate. Property for sale in Singapore.
- Economic factors
With strong economic growth and high employment, consumers would be more willing to commit to property purchases, resulting in an increase in demand. Conversely, a decline in the economy may mean more unemployment and salary cuts thereby reducing the demand for property.
Fixtures and fittings in a sale or lease
A sale contract of real property will usually not include any personal property unless it is specifically identified. In a sale of real property, fixtures are part of the real property. If an item is in the grey area, it is best for the buyer to insist that the items are specified in the inventory list if they are included in the sale. For example, items such as a window attached air-conditioner, an expensive chandelier, a wall-mounted large LCD television or a set of wall-mounted stereo speakers.
In the case of a lease, it is important for the landlord and the tenant to sign an inventory list stating all the fittings in the premises that will be handed over to the tenant. It is a good practice to take photographs of any existing defects in the premises including fixtures. Generally it is not necessary to list fixtures in the inventory list because fixtures are part of the premises. However, if an item is not clearly defined as a fixture, it is safer to list it in the inventory list. All these efforts should be executed so as to minimize disputes between the landlord and the tenant when the premises is handed back to the landlord at the end of the tenancy.
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