The Singapore property market is very hot right now, which is 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 put on. As a result of the rule change, buying Singapore property has definitely become significantly easier for all those purchasing domestically and jade scape 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 where the old rule that the building in what one desired to acquire property must be over six stories and considered a condominium rather over a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession for the property to purchaser for a period of years (which is the lifetime of the owner), but when that lease expires, the interest that is accrued by your property and the title is handed over to the state. A freehold title, on the other side hand, allows the owner of 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 you’ll probably properties being acquired, especially in the ‘condominium’ sector because of the factors described above mentioned. Yet when a foreigner is considering the purchase of property within Singapore, the Singapore Land Authority still has to approve the purchase of 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 way. 2006 showed a 10.2% increase in private residential property and since real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. The costs have increased because the market has improved and, despite the increase, people are continuing to pick.
This improvement within the Singapore property market has been a major thing for the small country and has proven to thought of a 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 entire world economy.