The Singapore Property Market is Hot!

The Singapore property market is sizzling hot right now, that’s 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 jade scape more no longer apply. As a result of the rule change, buying Singapore property has definitely become significantly easier for all those purchasing domestically and abroad.

Being that Singapore property is sold on either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is place old rule how the building in what one 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 with the property to the customer for a time period years (which is the lifetime of the owner), but when that lease expires, the interest whicj has been accrued by house and the title is handed up to the state. A freehold title, on the other hand, allows internet websites 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 may find properties being acquired, especially in the ‘condominium’ sector as a result of factors described above. Yet when a foreigner is wishing to acquire property within Singapore, the Singapore Land Authority still needs to 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 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 considering the market has improved and, despite the increase, people are continuing to buy.

This improvement inside of Singapore property market has been a wonderful thing for the small country and has proven to regarded as 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.

Bookmark the permalink.