The Singapore Property Market is Hot!

The Singapore property market is very hot right now, that 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 police. The old rules regarding the purchase of apartments within a building of six stories or more no longer submit an application. As a result of the rule change, 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 certain requirements 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 with a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession of the property to the buyer for a period of years (which certainly is the lifetime of the owner), but when that lease expires, the interest that had been accrued by the property and the title is handed to the site the state. A freehold title, on the other hand 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 because of the factors described given above. Yet when a foreigner is looking to purchase 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, jade scape though. The economy has strengthened and that has put the Singapore property market into an upward gimmick. 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. Rates have increased considering the market has improved and, despite the increase, people are continuing to buy.

This improvement whilst Singapore property market has been an incredible thing for great country and has proven to include a 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 entire world economy.