Singapore is a small country and land area is scarce. Titled properties or land properties are costly and are considered an extra as well. Because of this, the real estate market is mostly consists of high rise condominiums and apartment buildings. Generally, are generally about 80 percent of Singaporeans who live with these high rise buildings which are managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.
The growth of individuals 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 america their second home. In doing so, it is advisable that foreigners look into the different kinds of properties most especially because both have their own foreign ownership restrictions. When an individual property in Singapore, selected 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 many types of properties include: private apartments that are put 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 one of the most affordable housing unit in the country; and the executive condominiums specifically for stated nothing professionals. Foreign ownership restrictions are strictly implemented in this country. Originally, when foreigners buy property in Singapore, the could only house small apartment units or buy landed property as long 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 by means of government or through re-sale. When you buy property in Singapore, there vary 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 condo 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 regarding any Housing grant.
When you buy property in Singapore, it is actually definitely best to get aid of a solicitor. This will help you expedite ought to be familiar especially when it for you to the different legalities intertwined with buying a possessions. Before signing the contract, you should also be sure that you already have the necessary funds especially for the reservation deposit. Financing could be an option for tourists. When you buy property in Singapore, there are also other important processes that are essential as well basically because involve the documentation process. These include the Option to purchase document that officially gives you 14 days within which to decide whether several purchase the property or not, an Offer invest in document where there are very few time involved but good for your health the offer to be binding already, a Sales and Purchase Agreement wherein a caveat is already lodged on the property, as well as the Fees and Commissions.