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 respective 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 necessities that must be met to acquire property within Singapore. This is where the old rule that the building in what one desired to acquire property must be over six stories and considered a condominium rather over a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession from the property to the buyer for a period of years (which might be the lifetime of the owner), but when that lease expires, the interest whicj has been accrued by the property and the title is handed to the state. A freehold title, on the other side hand, allows the one who owns 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 you'll probably properties being acquired, especially in the 'condominium' sector because of the factors described higher than. 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 market trend. 2006 showed a 10.2% increase in private residential property and since real estate market in jade scape singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. The prices have increased considering the fact that market has improved and, despite the increase, people are continuing to close on.
This improvement into the Singapore property market has been an amazing thing for great 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.