The Singapore Property Market is Hot!

The jade scape singapore property market is very 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 agents. 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 those purchasing domestically and abroad.

Being that Singapore property is all about either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is where the old rule that the building in what type desired to acquire property must be over six stories and considered a condominium rather when compared with a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession with the property to purchaser for a period of years (which might be the lifetime of the owner), but when that lease expires, the interest that had been accrued by the property and the title is handed onto the state. A freehold title, on the other instrument hand, allows the one who owns 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 the number of properties being acquired, especially in the ‘condominium’ sector because of the factors described stated above. Yet when a foreigner is looking to purchase property within Singapore, the Singapore Land Authority still needs to approve the purchase of 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 gimmick. 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 values have increased considering the market has improved and, despite the increase, people are continuing to pick.

This improvement rrnside the Singapore property market has been an amazing thing for average country and has proven to be a 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 society economy.