by Many people consider Singapore as one of the most ideal place in the world to choose the Florence residence, because not only it has a variety of resources and amenities but also its location makes it easy to reach many international destinations. The capital city of Singapore is just an hour away by sea from the most important business and commercial centers of Italy such as Genoa, Turin, Florence, Venice and Pisa. Apart from that, the Singapore River is just across the way, making the whole commute time much faster and easier.
The Florence Residences is situated between the Eastern part of Singapore and the Central Business District (CBD), it is quite natural that there will be an increase in the demand for residential property there. However, if we carefully analyze the scenario, housing may be the prime reason for the growth in the numbers of tourists visiting the place. The housing hills are at an altitude of above 14 kilometers, making it the highest hill station in all of Asia. In addition, the area has some of the most beautiful and pristine rainforests in the world. All these factors combine to make the housings as popular and well-known as they are today.
As an intelligent tool to study the potentials of this particular region, we have studied the market trends and developments in the previous five years. We have concluded that the demand for the Florence residence is still very high and will remain so given the fact that there are no drastic changes taking place in the coming few years. There are still ample opportunities and prospects for you to choose the finest subsequent residential property in Ohmyhome. The following highlights our key findings:
An increase in the number of foreign tourists visiting the area can be attributed to the imposition of the stamp duty. Consequently, buyers from overseas are now focusing on this area to purchase a property, which was previously out of their reach due to the absence of the stamp duty. The presence of the stamp duty hikes the price of an actual property by two percent, which makes the entire investment cost rise by a significant amount. Hence, the amount of investment that you can secure from a home in Ohmyhome could go up by upto a marginal amount. However, if the value of the property, including the stamp duty, goes down, you will still derive good profits since your initial investment would have gone up without any significant change in the situation.
If you are keen to buy a property in the region, you could explore the market and find out where the prices of houses in the vicinity of Florence residence stand. You can contact an Ohmyhome real estate agent to provide you with details. They will also guide you towards the areas that are most popular with tourists. Most tourists travel to the area during the summer months and choose to stay in a hotel. Since they are not well versed to the local market, they often end up paying exorbitant prices for houses in the Florence residence.
The situation in the market has become favorable for the sellers since they can charge higher prices for houses in the Florence residence since it is considerably popular with tourists. The government has implemented new policies that make it easier for individuals to purchase residential plots. Currently the tax on such plots is fifteen percent, which remains unchanged since its introduction. One reason why the rate on the plot remains at a high level is the fact that the vast majority of residents who choose to reside in the area are foreigners. In addition to that, foreigners do not pay taxes on their properties in other countries.
A majority of the tax-free properties are located within a few kilometers of Florence residence. However, you will have to travel a significant distance to access those properties. You can expect to pay higher residential property taxes if you choose to buy one in Florence. In addition to that, you will need to look out for an apartment in Florence that does not require any kind of tax or local public utility tax. In some cases, you can also avail of subsidies from the local government. However, there are many restrictions on how these properties can be utilized.
The market in Florence is moderate during the year as opposed to the rates in recent times. You should therefore purchase a house in the Florence residence if you are looking to remain in the area throughout the year. In case you are interested in buying a residential plot then you must be aware of how much the house in Florence will cost after the renovation work is done on it. If you are aware of how much a house in Florence is worth then you will be better equipped to choose the right house in Florence.
