Home prices have been increasing over the years and so has the number of expatriates in Singapore. This number doesn’t seem like it’s going to deflate anytime soon whilst there are continuous programs and citizens supportive of such ‘Foreign Talent’ programs.
Here’s several reasons why you should think about who you are voting for in the next General Election:
1 – Foreign talents taking away jobs that Singaporeans are capable of (cleaning, management, housekeeping, construction, IT, F&B, customer service, etc.)
2 – Foreign talents with loads of money purchasing homes at exorbitant prices because they can afford it. (A penthouse was purchased by a lady from China at S$54,000,000)
3 – Foreigners coming to Singapore and spending lots of money to boost the GDP (4 women from Shanghai spent S$400,000 in 7 days in Singapore whilst on holiday)
With all these reasons, you wonder isn’t it good?
1 – You can go get jobs that you want to do. Truth is, if you don’t want the job, someone else out there who’s currency value is much lower wants that job.
2 – What has a penthouse got to do with HDB prices? HDB prices are based on market prices, therefore, if overall market prices for houses goes up regardless of type, so does the price of HDB homes. Most foreign workers have the capital to make such exorbitant purchases.
3 – This one’s good. No contest. But because of how much they spend and depending on what they spend on, comes the common phrase, “Spoil Market”. If you understand that concept, you’ll get what I mean.
These examples were given by my classmate, an Armenian, who’s an Economics lecturer at one of the local international schools when another classmate of mine who’s an Englishmen asked the question, “Will home prices in Singapore depreciate?”
Don’t ask me why I have such classmates. I just do.