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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 pros. 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 those purchasing domestically and abroad.

Being that Singapore property is in love with either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is the place that the old rule how 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 purchaser for a associated with time years (which could be the lifetime of the owner), but when that lease expires, the interest that was accrued by house and the title is handed over to the state. A freehold title, on the other hand hand, allows the owner of 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 given above. Yet when a foreigner is looking to purchase 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 jade scape that has put the Singapore property market into an upward way. 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 capsicum is derived from market has improved and, despite the increase, people are continuing to close on.

This improvement within the Singapore property market has been a wonderful thing for the small country and has proven to include 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 turmoil economy.