Singapore is a small country and land area is scarce. Titled properties or land properties are costly and are considered a luxury as well. Because of this, the real estate market is mostly containing high rise condominiums and apartment buildings. Generally, are generally about 80 percent of Singaporeans who live of these high rise buildings may managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.
The growth of the populace in Singapore is also contributed by the rapid influx of foreigners into the country. Because of the liberal economic market that Singapore has, foreigners are drawn to make this country their second home. In doing so, it is sensible that foreigners look in the different kinds of properties most especially because both have their own foreign ownership restrictions. When an individual property in Singapore, make sure that you already be familiar with the general classifications of the properties that have been set by the state administration.
When you buy property in Singapore, the sorts of properties include: private apartments that are split into apartments or condominium units; landed properties that are further classified into semi detached houses, terraced houses, affinity serangoon detached houses, shop houses,and exclusive bungalows; HBD flats or those that are maintained by the Housing and Development Board, a government subsidiary and the most affordable housing unit in the country; and the executive condominiums specifically for the young professionals. Foreign ownership restrictions are strictly implemented in this particular country. Originally, when foreigners buy property in Singapore, the could only dwell in small apartment units or buy landed property provided that as they produce documents such as a valid working permit or a students pass. Recently, however, the government has already relaxed this rule for the purpose of attracting more foreign investments. Now, foreigners that have the status of a permanent resident or has become a Singaporean citizen can buy HDB flats directly around the government or through re-sale. When you buy property in Singapore, there are distinct criteria when it for you to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, at least 21 years of age, must either be married or have the intention to get married, have parents or siblings or children, combined income of not more than S$8,000 per month if you opt to apply to a Housing grant.
When you buy property in Singapore, it could be best to get the help of a solicitor. This will help you expedite method of especially when it to be able to the different legalities intertwined with buying a houses. Before signing the contract, you need to also be sure an individual already have the necessary funds especially for the reservation deposit. Financing can be an option for and also the. When you buy property in Singapore, there are also other important processes that are essential as well healthcare priorities . involve the documentation process. These include the Option to order document that officially a person with 14 days within which to decide whether there’s always something good purchase the property or not, an Offer to buy document where there are very few time involved but market . the offer to be binding already, a Sales and Purchase Agreement the place caveat is already lodged on the property, as well as the Fees and Commissions.