The Singapore Property Market is Hot!

The Singapore property market is incredibly hot right now, which 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 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 the prerequisites that must be met to acquire property within Singapore. This is where the old rule that the building in which desired to acquire property must be over six stories and jade scape considered a condominium rather than a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession from the property to consumer for a period of years (which can be the lifetime of the owner), but when that lease expires, the interest that was accrued by the property and the title is handed to the site 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 the total 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 provides approve the getting 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 gimmick. 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. Automobiles have increased because the market has improved and, despite the increase, people are continuing to purchase.

This improvement whilst 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 earth economy.

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