The Singapore real estate market is at its peak nowadays. The main reason behind this is that the introduction of strata-titled properties in 2005 which had the feature that even now foreigners can buy property in Singapore without having any kind of approval from the authorities of Singapore. So with the introduction of this rule purchasing of property in Singapore is much easier for domestic people as well as who come from abroad.
Property is Singapore is either sold on a leasehold tenure or on a freehold tenure, but there are certain requirements that one must have to fulfill in order to acquire a hold on the property.
Leasehold tenures: - according to the terms mentioned in the leasehold tenures the possession of the property us given to the buyer for a given period of a time or for lifetime. But as soon as the lease expires, the rate of interest that has been acquired along with the title is handed over to the state government.
Freehold title: -according to this it allows the owner to hand on to his property indefinitely.
By the introduction of these leniencies in Singapore the property market is very hot nowadays and the prices are hiking, especially in the sector of condominium. There has been an increase if 10.2% in the private and residential property. But if a foreigner is interested in purchasing of property in Singapore, then Singapore land authorities has to approve. These properties in land-titled include houses, land plots and bungalows.
Tags: , bungalows, condominium, foreigner, foreigners, land authorities, land plots, lifetime, possession, property in singapore, rate of interest, real estate market, residential property, singapore land, singapore real estate, state government, strata, tenure