The Singapore Property Market is Hot!

The Singapore property market is highly regarded right now, which has 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 respective authorities. 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 everyone 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 place old rule that the building in one particular 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 your property to the customer for a time period 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 to the site the state. A freehold title, alternatively 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 the total number of properties being acquired, especially in the ‘condominium’ sector jade scape because of the factors described above. Yet when a foreigner is considering the purchase of property within Singapore, the Singapore Land Authority still has to 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 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 inside of Singapore property market has been an incredible thing for great country and has proven to be 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.