The Singapore Property Market is Hot!

The Singapore property market is sizzling hot right now, jade scape 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 submit an application. As a result of the rule change, buying Singapore property has definitely become significantly easier for all 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 place that the old rule that the building in what type desired to acquire property must be over six stories and 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 purchaser 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 up to the state. A freehold title, on the other side 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 may find properties being acquired, especially in the ‘condominium’ sector because of the factors described above. Yet when a foreigner is thinking of buying property within Singapore, the Singapore Land Authority still has to 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 the real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. The values have increased as the market has improved and, despite the increase, people are continuing to buy.

This improvement into the Singapore property market has been an amazing thing for the small country and has proven to thought to be equally great businesses 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.