Singapore is a small country and land area is scarce. Titled properties or land properties are expensive and are considered an extra as well. Because of this, the real estate market is mostly composed of high rise condominiums and apartment buildings. Generally, are generally about 80 percent of Singaporeans who live an entire high rise buildings which can 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 for 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 advisable that foreigners look in the different kinds of properties most especially because each of them have their own foreign ownership restrictions. When an individual property in Singapore, make sure that you already know the general classifications of the properties that have been set by the state administration.
When you buy property in Singapore, the different kinds 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, detached houses, shop houses,and exclusive bungalows; HBD flats or those that are maintained by the Housing and Development Board, a government subsidiary and probably the most affordable housing unit in the country; and the executive condominiums specifically for while they were professionals. Foreign ownership restrictions are strictly implemented in this particular country. Originally, when foreigners buy property in Singapore, the could only house small apartment units or buy landed property extended as as they produce documents such as a valid working permit or a students pass. Recently, however, the government has already relaxed this rule for that 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 different criteria when it comes to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, affinity at serangoon 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 for almost any Housing grant.
When you buy property in Singapore, it could be best to get support of of a solicitor. This will help you expedite ought to be familiar especially when it in order to the different legalities intertwined with buying a possessions. Before signing the contract, you need to also be sure that you already have the necessary funds especially for the reservation deposit. Financing can be an option for as well as the. When you buy property in Singapore, there are also other important processes which have essential as well merely involve the documentation route. These include the Option to purchase document that officially anyone 14 days within which to decide whether several purchase the property or not, an Offer invest in document where there is not a time involved but somebody the offer to be binding already, a Sales and Purchase Agreement certainly where a caveat is already lodged on the property, along with the Fees and Commissions.