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 authorities. 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, jade scape buying Singapore property has definitely become significantly easier for those purchasing domestically and abroad.
Being that Singapore property is sold on either a leasehold or freehold tenure, there are the necessities that must be met to acquire property within Singapore. This is cash old rule how the building in what one desired to acquire property must be over six stories and considered a condominium rather over a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession from the property to the customer for a time period years (which could be 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, on the other hand, allows the one who owns 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 as a result of factors described given above. Yet when a foreigner is considering the purchase of property within Singapore, the Singapore Land Authority still needs to approve the purchase of 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 costs 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 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 the world economy.