The Singapore Property Market is Hot!

The Singapore property market is very 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 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 those purchasing domestically and abroad.

Being that Singapore property is deeply in love with either a leasehold or freehold tenure, there are the necessities that must be met to acquire property within Singapore. This is the spot where the old rule that the building in one particular 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 of your property to consumer for a period of years (which can 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, alternatively hand, allows who owns a wide 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 number of properties being acquired, especially in the ‘condominium’ sector because of the factors described higher than. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still needs to approve the acquiring 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 real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. Rates have increased considering the fact that market has improved and, despite the increase, people are continuing to purchase.

This improvement whilst Singapore property market has been an incredible thing for average country and has proven to be a 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 jade scape to the world economy.