The Singapore property market is highly regarded 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, buying Singapore property has definitely become significantly easier for the people purchasing domestically and abroad.
Being that Singapore property is deeply in love with either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is the spot where the old rule that the building in what one desired to acquire property must be over six stories and considered a condominium rather compared to a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession with the property to purchaser for a associated with time years (which is the lifetime of the owner), but when that lease expires, the interest that has been accrued by the property and the title is handed to the site the state. A freehold title, on the other hand hand, allows who owns a wide 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 number of properties being acquired, especially in the ‘condominium’ sector because of the factors described above mentioned. Yet when a foreigner is thinking of buying property within Singapore, jade scape the Singapore Land Authority still end up being 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 because 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 great 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 entire world economy.