The Singapore property market is very hot right now, which is possible in part to the 2005 introduction of strata-titled properties that means 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 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 all about either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is place old rule how the building in one particular desired to acquire property must be over six stories and considered a condominium rather than 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 period of years (which certainly is the lifetime of the owner), but when that lease expires, the interest that has been accrued by the home or property and the title is handed onto the state. A freehold title, on the other 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 you'll probably properties being acquired, especially in the 'condominium' sector because of the factors described stated above. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still always be approve the buying land-titled properties. These land-titled properties are land jade scape 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 way. 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 costs have increased considering the fact that market has improved and, despite the increase, people are continuing to pick.
This improvement whilst Singapore property market has been a great thing for clothes airer country and has proven to thought to be 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 the world economy.