The Singapore property market is sizzling hot right now, which has been possible in part to the 2005 introduction of strata-titled properties that means foreigners to buy apartments within buildings without requiring approval from Singapore pros. The old rules regarding the purchase of apartments within a building of six stories or more no longer apply. As a result of the rule change, buying Singapore property has definitely become significantly easier for any 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 which desired to acquire property must be over six stories and considered a condominium rather when compared with 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 certainly is the lifetime of the owner), but when that lease expires, the interest that had been accrued by your property and the title is handed over to the state. A freehold title, alternatively hand, allows online resources 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 the total number of properties being acquired, especially in the ‘condominium’ sector because of the factors described given above. Yet when a foreigner is looking to purchase property within Singapore, the Singapore Land Authority still has to 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 trend. 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 values have increased as the market has improved and, despite the increase, people are continuing to buy.
This improvement within the Singapore property market has been an amazing thing for great country and has proven to be a equally great for jade scape companies 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.