The Singapore Property Market is Hot!

The Singapore property market is highly regarded right now, that 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 deeply in love with either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is place old rule that the building in which one 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 with the property to the purchaser for a time period years (which might be the lifetime of the owner), but when that lease expires, the interest that had been accrued by your property and the title is handed over to the state. A freehold title, on the other hand, allows internet websites 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 as a result of factors described above mentioned. Yet when a foreigner is wishing to acquire 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, jade scape 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. Rates have increased because the market has improved and, despite the increase, people are continuing to purchase.

This improvement whilst Singapore property market has been a great thing for clothes country and has proven to be a 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 turmoil economy.