The Singapore Property Market is Hot!

The Singapore property market is highly regarded right now, which 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 pros. The old rules regarding the purchase of apartments within a building of six stories or more no longer administer. 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 deeply in love with either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is cash 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 of your property to purchaser for a period of years (which certainly is the lifetime of the owner), but when that lease expires, the interest whicj has been accrued by the home or property and the title is handed onto the state. A freehold title, on the other hand 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 may find 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 purchase of land-titled properties. These land-titled properties are land jade scape 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 prices have increased considering the fact that market has improved and, despite the increase, people are continuing to pick.

This improvement into the Singapore property market has been an amazing thing for the small country and has proven to regarded as 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 the world economy.