The Singapore Property Market is Hot!

The Singapore property market is sizzling hot right now, that has been possible in part to the 2005 introduction of strata-titled properties that means 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 submit an application. 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 in love with either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is where the old rule that the building in which one 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 for the property to the purchaser for a period of years (which is the lifetime of the owner), but when that lease expires, the interest that was accrued by house and the title is handed up to the state. A freehold title, alternatively 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 may find properties being acquired, especially in the ‘condominium’ sector as a result of factors described above. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still provides 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. The costs have increased because the market has improved and, despite the increase, jade scape people are continuing to close on.

This improvement rrnside the Singapore property market has been a great 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 turmoil economy.