The Singapore property market is amazing right now, which 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 agents. 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 all about either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is the place that 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 to a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession from the property to the customer for a time period years (which can 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 to the state. A freehold title, on the other side 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 because of the factors described above mentioned. Yet when a foreigner is wishing to acquire property within Singapore, the Singapore Land Authority still end up being approve the buying 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 real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. Automobiles have increased because the market has improved and, despite the increase, people are continuing to close on.
This improvement inside of Singapore property market has been a wonderful thing for average country and has proven to be a equally great for companies and individuals relocating to the booming jade scape singapore economy. This puts a great face on Singapore and makes it an even greater contributor to the world economy.