Friday, 30.08.2024

Making proximity to family easy: Singapore's creative approach to property purchases.

In Singapore, the Proximity Housing Grant (PHG) demonstrates how creative solutions can make property purchases easier while simultaneously strengthening family bonds. The PHG offers generous subsidies for property purchases. Families who choose to live with their parents or children receive up to SGD 30,000 (approximately EUR 20,500), while those who live within a four-kilometer radius receive SGD 20,000 (approximately EUR 13,700). Singles also benefit, receiving up to SGD 15,000 (approximately EUR 10,300).
While other countries like Japan, Portugal, or Italy also offer interesting financial incentives to encourage people to move to rural areas, Singapore's PHG is unique in its focus on promoting family cohesion. The PHG combines financial relief with the goal of bringing families closer together, thereby strengthening not only financial situations but also the social fabric of society.
This innovative approach shows how targeted support can facilitate home purchases while also promoting intergenerational cohesion. We like this.