The Singapore Property Market is Hot!

The Singapore property market is incredibly hot right now, that 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 apply. As a result of the rule change, buying Singapore property has definitely become significantly easier for everyone 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 spot where the old rule that the building in which 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 the customer for a period of years (which can be the lifetime of the owner), but when that lease expires, the interest that was accrued by house and the title is handed to the state. A freehold title, on the other side 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 may find properties being acquired, especially in the ‘condominium’ sector as a result of factors described above. Yet when a foreigner is thinking to buy property within Singapore, the Singapore Land Authority still always be 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 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 capsicum is derived from market has improved and, despite the increase, people are continuing to pick.

This improvement rrnside the Singapore property market has been a great thing for average 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 jade scape singapore and makes it an even greater contributor to the world economy.