Property prices in Singapore have been rising rapidly for the last few years. Investors’ sentiments on local properties remained upbeat even after 8 rounds of cooling measures implemented by the government. While the latest round of cooling measure (announced by the Monetary Authority of Singapore on 28 June 2013) has taken a toll on property transaction volume, the demand for Singapore properties remain strong.
We are currently at the peak of the Singapore property cycle since 1965, with residential property prices at an all-time high. Despite the sky-high prices, there are no shortages of investors snapping up local properties. These investors are now paying for prices many years ahead, making it near impossible to have decent investment returns. Many are still buying and hoping to cash out the capital gains on their properties within the next 3-5 years. So, are these buyers investing or are they gambling?
Monopoly, the world’s most popular board game, has for years entertained millions of people with the imaginary thrill of what it is like to be a real estate tycoon. I started playing Monopoly at a tender age of seven. At that time, playing the board game was just pure fun. Little did I realize that the game actually taught me valuable lessons which would become useful for my future property investment ventures!
We are currently facing tough economic times. We get bombarded by overwhelming confirmation of rising debt and unemployment when flipping through the pages of newspapers, watching the news over television or listening to the news on radio every day. Governments all over the world are facing challenging times in their quest to address the country's economic problems. People are extending their retirements due to zero or insufficient savings. And more bad news seems to be added by the various media daily!
What can you do when confronted with such tough times? You can’t control what the world will become, but you certainly can control how you manage your finances. Hence, taking action to secure your financial future should become one of your top priorities in life. While money doesn’t grow on trees, it can certainly grow if you save and invest prudently. Saving and investing are keys to growing your wealth in order to ensure your future financial success.