The Singapore property market is amazing right now, that 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 agents. The old rules regarding the purchase of apartments within a building of six stories or more no longer start using. As a result of the rule change, buying Singapore property has definitely become significantly easier for the people 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 where the old rule how the building in one particular desired to acquire property must be over six stories and considered a condominium rather 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 time period years (which can be the lifetime of the owner), but when that lease expires, the interest that had been accrued by the property and the title is handed up to the state. A freehold title, alternatively hand, allows the owner of the property to hold on to it indefinitely.
But the addition of various leniencies within the jade scape singapore property market is allowing for a hike in may find properties being acquired, especially in the ‘condominium’ sector because of the factors described above. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still provides approve the acquiring 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 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 considering the market has improved and, despite the increase, people are continuing to buy.
This improvement whilst Singapore property market has been an amazing thing for great country and has proven to include 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 society economy.