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.
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