Increasing Expat Population Drives Posh Condo Market to Soar
The potential of Asian countries have grown from mediocre to an alarming threat to oust already developed countries such as the United States and United Kingdom from their economic leading positions. The culture and the rich variety of resources also contribute to the growing investments in the each country.
The continent already has its own list of developed countries including Singapore, South Korea, Japan, China and United Arab Emirates (UAE) among others. These countries have been leading the world with unique characteristics and assisting western developed countries in fulfilling global causes and implementing international projects.
If Asian countries send their people to seek opportunities in the western part of the world, a lot of expatriates also reside in Asia, either building and developing their own business or working in Asian companies.
The rise of foreign firms opening in Asia and the increasing number of their population also increases the demand for luxury homes which can cater to their needs. The industry is also the shining beacon of economy for the higher end market.
Being able to live or work in areas where there are posh condominium give one an air of elegance and sophistication. It is an accepted fact that urbanization and development paves way for industrialization and modernity.
Singapore is an example. The city-island country has been recognized as one of the most developed countries in the world. With millions of expatriates living within its walls, condominium units are easily occupied even before it can be completely constructed. Pre-selling of apartments is rampant with developers piling public offices for building permits.
According to the review conducted by the Peterson Group Bespoke Condominiums and Residences, specializing luxury home rentals for expatriates for Singapore, the market has increased by 10 – 12% since last year. Similar demands are experienced in Hong Kong and Tokyo, Japan as well as in developing cities, Kuala Lumpur, Malaysia and Jakarta, Indonesia.
The cheap price of luxury homes compared to that of developed countries also accounts to the growing attraction of foreigners to Asian extravagant housings. Cities also promise expansion, enabling developers to increase the average size of condominiums, making them more appealing to expatriates. The number of large-residential housing around the prime cities is rising.
However, this growth and obvious boost to the economic sector and the strengthening of international ties is not without complaints. May humanitarian and environmental organizations are calling the unending urbanization exploitation of nature and impractical use of resources. Yet, the industry doesn’t seem to have any plans of stopping.