The Singapore Property Market is Hot!

The Singapore property market is incredibly 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 police. 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 all those 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 that the building in what one desired to acquire property must be over six stories and considered a condominium rather than a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession for the property to the buyer for a associated with time years (which certainly is the lifetime of the owner), but when that lease expires, the interest that is accrued by house and the title is handed over to the state. A freehold title, on the other instrument hand, allows internet websites 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 given above. Yet when a foreigner is wishing to acquire property within Singapore, the Singapore Land Authority still end up being 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 real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. Rates have increased because the market has improved and, despite the increase, jade scape people are continuing to close on.

This improvement within the Singapore property market has been an incredible thing for clothes airer 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 earth economy.