Singapore property buying tips
Singapore is one of the smallest countries in the world, and land area there tends to be scarce. Land properties and titled properties are thought to be a luxury, due to the fact that they are quite expensive; as a result, the Singapore real estate market is mostly made up of apartment buildings and high rise condominiums. Approximately eighty percent of Singaporeans live in high rise buildings that are managed by the government; the remainder of the population occupies exclusive condos, landed properties and private apartments.
As a result of the rapid increase of expatriates to the country, has contributed a lot to the population growth of Singapore. Expatriates are drawn to make Singapore their second home, due to the fact that the country has a liberal economic market. It is best that foreigners look into a variety of properties, particularly because they all have their own foreign ownership restrictions that apply to them. It is your responsibility to be aware of properties’ general classifications that have been set by the Singaporean government, before you purchase property in the country.
When shopping around for properties in Singapore, you will notice that there are various types of properties including executive condos for the young professionals, HBD flats, landed properties such as exclusive bungalows, shop houses, detached houses, terraced houses and semi detached houses and private apartments such as condominium units and apartments. It is also very important to note that there is a strict implementation of foreign ownership restrictions in Singapore.
Initially, when expatriates wanted to purchase property in Singapore, they were only allowed to purchase landed property or stay in small apartment units, once they were able to produce a student’s pass or a valid working permit. However, today, the Singaporean government has relaxed the foreign ownership restrictions, in order to attract more investments from foreigners. Today, expatriates who are citizens or Singapore or have a permanent resident status, are able to purchase HDB flats via resale or directly from the Singaporean government.
If you which to acquire a HDB flat, then you should be aware that there are different criteria that you need to meet, before you can qualify for one of these flats.
Also remember that when purchasing property in Singapore, a solicitor will make the process a lot easier for you.
