Buying Property In Singapore

The Singapore property bazaar is one of the hottest at the moment, and this is owing to the introduction of strata-titled properties in the year 2005 that has enabled foreigners to acquire apartments within buildings without the need for approval from the Singapore government. The previous rules vis-à-vis the purchases of apartments contained by a six storey building or more no longer are valid. As a result of the change of rules and regulations governing real estate investment, buying Singapore property has without doubt become extensively easier both for local and international investors.

Singapore property is sold on either a leasehold possession or on freehold tenure, and there are certain prerequisites that must be met if one is to acquire property within Singapore. For instance, the Singapore Property Association has to make some reserved approvals before you purchase and own any property in Singapore if you are a foreigner. Properties upon which this rule applies include undeveloped land, residential houses and bungalows.

A leasehold title allows the owner of the property to be in possession of the same for a certain period of time, and this period can be for a lifetime. However, on expiry of the lease therein, all the profits that have accumulated over time on the property have to be given to the government, and the said profits are accompanied with the title of the property. On the other hand, a free hold title gives the owner of the property to own it and have possession over it for an indefinite period.

The addition of various easy going rules and the removal of authoritarian rules within the Singapore property bazaar have greatly increased the number of properties being purchased and sold more than ever for the most part in the 'condominium' segment because of the above factors. The fact that buying Singapore property has been made easier has led to an appreciable amount of economic growth and strength and that has made the Singapore real estate market to take a rising drift. However, the prices in the real estate market in Singapore have shot up very much, and this has made it all together harder to acquire property there.

The prices shot up in 2005 with a mind blowing 10 percent, and with almost 16 percent in the following year. The percentages are still increasing, but the most surprising thing to note is that the rate at which investors want to buy real estate property in Singapore has not decreased, but is on the rise. This mammoth step up in the Singapore property market has been a wonderful thing for such a small country that was once insignificant.

Other direct beneficiaries of the same growth include corporate groups and individuals relocating to the flourishing Singapore financial system. This and many other factors have put a great lift on Singapore’s image in the eyes of the world and this makes Singapore much better contributor to the growth and stabilization of the world economy.

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
Fax: (+65) 64021826

mindy@mindyyong.com

KF Property Network Pte Ltd
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