The Singapore property market is sizzling hot 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 agents. The old rules regarding the purchase of apartments within a building of six stories or more no longer put on. 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 adore with 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 how the building in what type 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 with the property to the 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 property and the title is handed to the state. A freehold title, on the other instrument 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 you'll likely properties being acquired, especially in the 'condominium' sector jade scape because of the factors described higher than. Yet when a foreigner is wishing to acquire property within Singapore, the Singapore Land Authority still end up being 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 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. Automobiles 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 a major thing for the small country and has proven to thought of a 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.