We like to think we have all the answers in terms of residential property in the West. But that’s not at all times the case. In fact, there are numerous examples overseas of nations that really do a far better job of serving the interests of all stakeholders.
Take Singapore, for example. It comes with a system where locals can decide what sort of improvements they want to see in their area to improve their quality of life. This can apply at the block level – referring to their immediate environment. Or at the police level, which includes nearby buildings and residences that share amenities. The idea is to improve the quality of life on the ground for all, increase property values for the resale market, and encourage long-term investment.
Affordable housing is a problem in many parts of the world, particularly Singapore. Here the booming economy is causing rising accommodation costs, so the authorities are trying to find ways to deal with this. One way to do this is through the state’s HDB housing scheme. The idea was to build low-cost housing that ordinary people could afford, allowing them to move up the country’s property ladder. In the past, there have been problems with areas becoming damaged and neglected. But neighborhood improvement schemes aim to fix this.
The following infographic goes into more detail. Maybe we should use schemes like this more often in other parts of the world to give people more choices.
