The Singapore Property Market is Hot!
The Singapore property market is amazing 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 agents. The old rules regarding the purchase of apartments within a building of six stories or more no longer administer. As a result of the rule change, buying Singapore property has definitely become significantly easier for everyone purchasing domestically and abroad.
Being that Singapore property is in love with either a leasehold or freehold tenure, there are the necessities that must be met to acquire property within Singapore. This is where the old rule how the building in what type desired to acquire property must be over six stories and considered a condominium rather when 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 purchaser for a time period years (which can be the lifetime of the owner), but when that lease expires, the interest that has been accrued by your property and the title is handed up to the state. A freehold title, on the other hand 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 may find properties being acquired, especially in the ‘condominium’ sector as a result of factors described above mentioned. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still provides 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 prices have increased because the market has improved and, despite the increase, people are continuing to buy.
This improvement into the Singapore property market has been an amazing thing for the small country and has proven to thought of a equally great for companies and jade scape individuals relocating to the booming Singapore economy. This puts a great face on Singapore and makes it an even greater contributor to society economy.
