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TheCountOfNowhere

Singapore

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If memory serves me right didn't someone post last year about thorp singapore banking mates lapping up London property due to the favourable exchange rate?

Since then the singapore dollar have bought between 15% to 30% less worthless British pounds.

Must be tough saying a mortgage on a massively over priced flat in a #### poor area under those circumstances

GIRFUY

Edited by TheCountOfNowhere

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Unlucky but I can see why they could have bought here. My understanding that property in Singapore is expensive, interest rates are low and there is additional stamp duty for expats. Locals I met seem convinced that the only way is up but I guess it actually is a small island! At least there are cheaper options to get accommodation if you are local.

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Unlucky but I can see why they could have bought here. My understanding that property in Singapore is expensive, interest rates are low and there is additional stamp duty for expats. Locals I met seem convinced that the only way is up but I guess it actually is a small island! At least there are cheaper options to get accommodation if you are local.

Yes, it always makes sense to buy a house in a country you don't live in when that market is at am. Artifical inflated all time high.

The us side for them and us is, they can now afford to sell at 30% less in UK pounds and break even, assuming they bought in sing dollars.

A double whammy for London, now too expensive for new buyers plus existing Asian investors can sell at a massive UK pounds loss and still break even.

This might be something idiots English buyers have not factored in when buying in this new miracle global market place

You couldn't make this stuff up.

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Yes, it always makes sense to buy a house in a country you don't live in when that market is at am. Artifical inflated all time high.

The us side for them and us is, they can now afford to sell at 30% less in UK pounds and break even, assuming they bought in sing dollars.

A double whammy for London, now too expensive for new buyers plus existing Asian investors can sell at a massive UK pounds loss and still break even.

This might be something idiots English buyers have not factored in when buying in this new miracle global market place

You couldn't make this stuff up.

I might be missing something, but I don't thing Sing Dollar changed very much over the year.. ~4% one-year drop compared to GBP

http://markets.ft.com/research/Markets/Tearsheets/Summary?s=SGDGBP

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80% of Singaporians are publicly housed so maybe they have do their rent seeking here, as the British elite doesn't give a damn about its citizens?

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If memory serves me right didn't someone post last year about thorp singapore banking mates lapping up London property due to the favourable exchange rate?

Since then the singapore dollar have bought between 15% to 30% less worthless British pounds.

Must be tough saying a mortgage on a massively over priced flat in a #### poor area under those circumstances

GIRFUY

Wherebee ?

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80% of Singaporians are publicly housed so maybe they have do their rent seeking here, as the British elite doesn't give a damn about its citizens?

Yes, the ones that have there own property there, can use a big chunk of their equity and invest overseas. Any House with a garden property is worth a few million pounds. Picking up a house in University city in UK / Aussie is fairly easy for them. A crappy flat in London no problem if you bought a house in Singapore in 1970's ( I know people that did).

They'll probably loose their house in Singapore if they aren't careful.

And that 80% will become 99% which is where it is going.

Singapore is for me a vision of the future, where the state will own everything, but who owns the state?

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If memory serves me right didn't someone post last year about thorp singapore banking mates lapping up London property due to the favourable exchange rate?

Since then the singapore dollar have bought between 15% to 30% less worthless British pounds.

Must be tough saying a mortgage on a massively over priced flat in a #### poor area under those circumstances

GIRFUY

Is it cash or borrowed money? I think a lot of it is borrowed again previous paper gains. Always risky buying in pounds and borrowing in Singapore dollars.

I remember when I first went there in 1988 was 3.2 S$ to the pound. I have talked to many about borrowing in Sing to buy overseas.

The value of the loan keeps going up, long term (the past) Sing $ is very strong currency. The thing about today is that these rules may breakdown.

If you make plans based on past performance is very risky.

For me if you want to buy a house in a country you put the loan in the currency in the same currency as the country you buy.

If the value of the asset (local currency) tanks the value of the mortgage (local currency) tanks with it.

Just in case you ask - have I done that - Yes and I will do it again. I plan to buy soon - But not in England!

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I lived in Singapore for 2 years - 2013 to late 2015. Fabulous place, I would still be there instead of Dubai if I could.

The S$ has not dropped 30% against the Pound in 1 year. 10% or so from top to bottom, if that. And I should know since I have a small mortgage in the UK, which increased by all of 54 dollars per month at the worst time.

Expats trying to buy in SG pay a 20% stamp duty. Locals do not. Property is ridiculously expensive, but - as stated above - 80% is owned and managed by HDB, so state owned.

They have a great system of maintaining and replenishing housing stock. They typical HDB flat is 1,300 to 1,700 square feet, 3 to 4 bedroom with 3/4 bathrooms. The UK stuff can't compare at any level. And there is a right to buy scheme funded by the CPF - equivalent of our National Insurance. You retire, you buy your house with cash and then go drive a taxi for beer money and conversation.

The best system I have witnessed.

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The S$ has not dropped 30% against the Pound in 1 year. 10% or so from top to bottom, if that. And I should know since I have a small mortgage in the UK, which increased by all of 54 dollars per month at the worst time.

I think 16% is the swing from high to low since 2013 and Aug 2015, 30% was a rough calculation based on tiredness and stupidity.

Still, lets see we are when China is finished collapsing.

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Wherebee ?

you didn't say it three times whilst looking into a mirror, so I didn't hear you.

Yes, it was me.

The Singaporeans and Hong Kongers I know who are buying property off plan in London are still doing so. They see no change in long term benefits.

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you didn't say it three times whilst looking into a mirror, so I didn't hear you.

Yes, it was me.

The Singaporeans and Hong Kongers I know who are buying property off plan in London are still doing so. They see no change in long term benefits.

The long term benefits being ?

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In their view, a hard asset in a stable country with a rule of law. That's it. They also expect price increases over time. for many, it's also an intention to have property their kids can live in whilst studying, with an eye on eventual citizenship.

Hey, I think they are mental, but they are unshakeable in their beliefs.

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In their view, a hard asset in a stable country with a rule of law. That's it. They also expect price increases over time. for many, it's also an intention to have property their kids can live in whilst studying, with an eye on eventual citizenship.

Hey, I think they are mental, but they are unshakeable in their beliefs.

Why is it mental? UK, Canada, Australia and US are stable rich countries with law and order. English speaking and provide good education and most (not UK currently) provide good path to residency and citizenship if you do a degree in the country.

This is one of the major reasons why people in HK, Singapore, Malaysia, China and to some extent Thailand and Indonesia are buying properties overseas. Heck if I can afford it and I live in those countries I would like to have an option or provide options to my children to leave motherland.

I have a Nigerian colleague whose parents did exactly that. Bought a house here in London so he can study and live in the UK (he's a UK citizen now).

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