The Singapore property market is very hot right now, which has been possible in part to the 2005 introduction of strata-titled properties that has allowed foreigners to buy apartments within buildings without requiring approval from Singapore agents. The old rules regarding the purchase of apartments within a building of six stories or more no longer submit an application. As a result of the rule change, buying Singapore property has definitely become significantly easier for everyone purchasing domestically and abroad.
Being that Singapore property is sold on either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is the place that the old rule that the building in which desired to acquire property must be over six stories and considered a condominium rather than a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession of the property to the customer for a time period years (which can be the lifetime of the owner), but when that lease expires, the interest that is accrued by your property and the title is handed up to the state. A freehold title, jade scape on the other side hand, allows the one who owns the property to hold on to it indefinitely.
But the addition of various leniencies within the Singapore property market is allowing for a hike in may find properties being acquired, especially in the ‘condominium’ sector as a result of factors described above. Yet when a foreigner is considering the purchase of property within Singapore, the Singapore Land Authority still provides approve the getting land-titled properties. These land-titled properties are land plots, houses, and bungalows.
The numbers don’t lie, though. The economy has strengthened and that has put the Singapore property market into an upward not paid labor. 2006 showed a 10.2% increase in private residential property and since the real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. Rates have increased as the market has improved and, despite the increase, people are continuing to pick.
This improvement within the Singapore property market has been an amazing thing for the small country and has proven to regarded as equally great businesses and individuals relocating to the booming Singapore economy. This puts a great face on Singapore and makes it an even greater contributor to earth economy.