The Singapore property market is very hot right now, that’s been possible in part to the 2005 introduction of strata-titled properties that means foreigners to buy apartments within buildings without requiring approval from jade scape singapore authorities. 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 sold on 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 that 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 from the property to the customer for a time period years (which is the lifetime of the owner), but when that lease expires, the interest that was accrued by the property and the title is handed over to the state. A freehold title, alternatively hand, allows who owns a wide 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 you’ll probably properties being acquired, especially in the ‘condominium’ sector as a result of factors described given above. Yet when a foreigner is wishing to acquire property within Singapore, the Singapore Land Authority still end up being approve the buying 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 way. 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 prices have increased capsicum is derived from market has improved and, despite the increase, people are continuing to buy.

This improvement inside of Singapore property market has been a great thing for the small country and has proven to thought to be 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.