The Singapore Property Market is Hot!

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 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, buying Singapore property has definitely become significantly easier for the people purchasing domestically and abroad.

Being that Singapore property is adore with either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is place old rule that the building in what type 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 with the property to the purchaser for a time period years (which might be the lifetime of the owner), but when that lease expires, the interest whicj has been accrued by the exact property and the title is handed over to the state. A freehold title, on the other instrument hand, allows the one who owns 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 as a result of factors described higher than. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still needs to approve the purchase of land-titled properties. These land-titled properties are land jade scape 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 considering the market has improved and, despite the increase, people are continuing to choose.

This improvement whilst Singapore property market has been a major thing for clothes country and has proven to regarded as equally great businesses and individuals relocating to the booming Singapore economy. This puts a great face on Singapore and makes it an even greater contributor to turmoil economy.