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 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 the people purchasing domestically and abroad.

Being that Singapore property is adore with either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is the place that the old rule how the building in what 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 of your property to the buyer 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 house and the title is handed over to the state. A freehold title, on the other side hand, allows the owner of 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 wishing to acquire 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. The prices have increased as the market has improved and, despite the increase, people are continuing to buy.

This improvement inside of Singapore property market has been a major thing for great country and has proven to be a equally great for jade scape 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.