The Singapore property market is incredibly hot 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 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 all those purchasing domestically and abroad.
Being that Singapore property is adore with either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is the spot where the old rule how the building in what type 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 of your property to the buyer for a time period years (which might be the lifetime of the owner), but when that lease expires, the interest that is accrued by your property and the title is handed to 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 jade scape 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 given above. 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 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 market 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 prices have increased because the market has improved and, despite the increase, people are continuing to pick.
This improvement within the Singapore property market has been an amazing thing for average 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 society economy.