The Singapore property market is sizzling 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 authorities. The old rules regarding the purchase of apartments within a building of six stories or more no longer administer. 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 spot where the old rule how the building in one particular 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 from the property to the customer for jade scape a period of years (which might be the lifetime of the owner), but when that lease expires, the interest that is accrued by house and the title is handed to the site the state. A freehold title, on the other hand, allows who owns a wide 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 you’ll probably properties being acquired, especially in the ‘condominium’ sector because of the factors described above. Yet when a foreigner is considering the purchase of property within Singapore, the Singapore Land Authority still provides approve the buying 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 market 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 prices have increased because the market has improved and, despite the increase, people are continuing to choose.
This improvement rrnside the Singapore property market has been a great thing for the small country and has proven to thought to be equally great for companies 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.