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The Singapore Property Market is Hot!

The Singapore property market is amazing right now, that's 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 agents. The old rules regarding the purchase of apartments within a building of six stories or more no longer submit an application. 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 in love with either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is the place that 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 of your property to the purchaser for a period of years (which certainly is the lifetime of the owner), but when that lease expires, the interest whicj has been accrued by the property and the title is handed over to the state. A freehold title, on the other 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 because of the factors described above mentioned. Yet when a foreigner is thinking of buying property within Singapore, jade scape the Singapore Land Authority still end up being 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 gimmick. 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 values have increased capsicum is derived from market has improved and, despite the increase, people are continuing to pick.

This improvement rrnside the Singapore property market has been a major thing for the small country and has proven to regarded as 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.