Singapore Makes It Easier for Old People to Buy Old Homes
2019-05-13 from bloomberg.com
Singapore’s aging public housing has been a source of anxiety, for home owners and the government alike. It’s become particularly acute in the lead up to national elections considering more than 40% of the population’s wealth is tied up in real estate.
There may be some relief, however, with the government announcing new rules for those willing to buy older properties. According to analysts, the changes should halt falling resale values and support dwindling buyer demand.
From last week, would-be home buyers can unlock more of their retirement savings to pay for a property, so long as the remaining lease of that property is at least 20 years and covers the youngest buyer until they’re 95 years old.
Under previous rules, pension fund usage restrictions were linked to the amount of time left on the lease rather than a buyer’s age. (In Singapore, around 80% of people live in Housing Development Board flats, which all come with a 99-year lease.)
Read more here