The Singapore Property Market is Hot!

The Singapore property market is amazing 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 police. The old rules regarding the purchase of apartments within a building of six stories or more no longer start using. 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 all about either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is the spot where the old rule how the building in what one 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 the customer for a period of years (which is the lifetime of the owner), but when that lease expires, the interest that has been accrued by the home or property and the title is handed to 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 the number of properties being acquired, especially in the ‘condominium’ sector as a result of factors described above. Yet when a foreigner is looking to purchase property within Singapore, the Singapore Land Authority still has to approve the purchase of land-titled properties. These land-titled properties are land plots, houses, and bungalows.

The numbers don’t lie, jade scape 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. The prices have increased because the market has improved and, despite the increase, people are continuing to purchase.

This improvement whilst Singapore property market has been an incredible thing for the small country and has proven to be 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 entire world economy.