Singapore will end up like Japan. So much investment in property which crashed like a house of cards after the Japanese economy tanked, and also took down the stock market, after which Japan could not recover after more than three decades since 1993, mired in stagnation.
Stimulation after stimulation failed to work. From Abenomics to Kishidamics, it is the same result. And Japan is getting desperate by going against USA and EU sanctions on Russia by buying Russian energy and some are talking about Japan joining BRICS as well. Wonder whether that is good or bad for BRICS. Of course it is good for Japan, but remember who is the dog owner.Yes, there are differences between Japan and Singapore, and I am not going to dwell on the disaster brought about by the 'Plaza Accord', as I am no economist. Singapore always claim we are keeping a tight lid on property prices, or so they say. But the rise, even in HDB prices is just nothing short of ridiculous, just two words - 'still affordable' close the argument.
Maybe they work on the premise that just importing more people to prop up private property prices and create the demand, so that higher prices rising will trickle into the HDB market to boost resale prices, so new flats can be sold more expensively. The market dictates the price, they always say. What is subsidised housing supposed to mean?
But I fear the result will be the same as Japan. Property price rises cannot be without limits. As they say, what goes up must eventually come down. Maybe I am too pessimistic. Everything is so 'FINE'. Japan was equally superfine before the crash.
Anonymous
Possibly all that is needed to make this happen is Putin & OPEC to keep raising oil prices and China to keep raising interest rates while dumping T billd/USD.
ReplyDeleteThe bulk of Singaporean's savings in CPF will all be siphoned off in paying for that million dollar flat very soon, but that will still turn to dust after 99 years. I really worry and feel sorry for the future generations not knowing whether they will be able to afford those flats. But never mind, the Government still maintains that however HDB flat prices escalated, HDB flats are 'still affordable'. End of story.
ReplyDeleteNo wonder some people have been saying that our money in CPF is actually their money, just like the USA Government telling countries holding reserves with them and people it does not like but who holds money in Western banks. The Singapore Government assured us that using our CPF to buy a HDB flat will provide a valuable asset that will increase in value for our retirement, with the narrative discreetly avoiding the zero value time bomb. They know you and me have no other choices. That golden opportunity for a big CPF withdrawal at age 55 became a mirage and turned to dust for every Singaporean.
Then there was the tall tale by the tall one, that touted for years, that upgrading will increase the value of your flat. Someone pricked the upgrading balloon asking what happens to HDB flats when it reaches 99 years. That was the end of the upgrading myth, otherwise it will still be a carrot that will be dangled in front of voters when GE comes around. And Singaporeans will continue to bite. But strangely not Hougangers, even when offered upgrading for votes.
Redbean, Japan is not immune to the laws of demand and supply. Neither is Singapore.
ReplyDeleteThe top 3 countries where it’s easy to settle into a new life abroad, according to expats
ReplyDeleteTraveling abroad is one thing, but starting a new life overseas is another.
Expats who’ve moved abroad say Bahrain, the United Arab Emirates and Singapore are the top three places where it’s relatively easy to settle in, according to a 2022 Internations survey of nearly 12,000 expats around the world.
Internations, the expat community group with 4.5 million members in 420 cities around the world, ranked locations based on what it calls the Expat Essentials Index, which considers newcomers’ assessments of their digital life (like access to administrative services online), housing (affordability and ease of finding housing for expats in particular), administrative topics (like the ease of opening a local bank account or getting a visa) and language (like being able to get around without needing to learn a new language, or the ease of learning the local language).
Bahrain ranked No. 1 out of 52 locations, according to Internations. Newcomers say it’s easy to get a visa, find housing, access government services online and get around without speaking the local language.
The top 10 places where expats say it’s easy to settle in include:
Bahrain
United Arab Emirates
Singapore
Estonia
Oman
Indonesia
Saudi Arabia
Qatar
Kenya
Canada
Overall, Internations says its top three destinations — Bahrain, the UAE and Singapore — all offer easy communication without big language barriers and also pose minimal bureaucratic issues.
A spokesperson for Internations tells CNBC Make It all three locations are well known as popular expat destinations, and because of this, they may have adapted to make things easier for new arrivals from abroad. They also note that English is widely spoken in these places, which can make it easier for foreigners to deal with bureaucratic and administrative to-dos when moving.
Many expats moving to Bahrain, the UAE and Singapore are coming from India, Internations says, and are moving for work-related reasons (to find a job on their own, for a foreign assignment, because they’re an international recruit, or they’re starting their own business). These expats are most likely to work in finance or banking, Internations says, and the countries aren’t big spots for retirees.
The top North American country, Canada, rounds out the top 10. New residents there say it’s easy to deal with local authorities, open a new bank account and access a robust digital infrastructure. Expats do say it’s relatively difficult to find affordable housing, though.
Meanwhile, the bottom three countries where expats struggle to get settled in include Germany, Japan and China due to difficult language barriers and a challenging digital infrastructure, Internations says.