The Singapore property market is incredibly hot right now, which is possible in part to the 2005 introduction of strata-titled properties that means foreigners to buy apartments within buildings without requiring approval from Singapore authorities. 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 any purchasing domestically and abroad.

Being that Singapore property is deeply in love with either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is cash old rule how the building in what type desired to acquire property must be over six stories and jade scape considered a condominium rather compared to a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession for the property to the customer for a period of years (which can be the lifetime of the owner), but when that lease expires, the interest whicj has been accrued by house and the title is handed to the state. A freehold title, on the other side hand, allows who owns a wide 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 the total number of properties being acquired, especially in the ‘condominium’ sector as a result of factors described stated above. Yet when a foreigner is considering the purchase of property within Singapore, the Singapore Land Authority still needs to approve the getting 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 real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. Automobiles have increased as the market has improved and, despite the increase, people are continuing to choose.

This improvement whilst Singapore property market has been an incredible 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 entire world economy.