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 respective authorities. 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 those purchasing domestically and abroad.
Being that Singapore property is all about either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is place old rule that the building in what one desired to acquire property must be over six stories and considered a condominium rather when compared to a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession of your property to the buyer for a period of 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 onto the state. A freehold title, on the other side hand, allows the one who owns the property to hang on to it indefinitely.
But the addition of various leniencies within the Singapore property market is allowing for a hike in the number of properties being acquired, especially in the ‘condominium’ sector because of the factors described higher than. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still end up being approve the acquiring land-titled properties. These land-titled properties are land jade scape 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 trend. 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. The costs have increased considering the market has improved and, despite the increase, people are continuing to choose.
This improvement within the Singapore property market has been an incredible thing for clothes airer 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 the world economy.