The Singapore property market is amazing right now, which has been possible in part to the 2005 introduction of strata-titled properties that means foreigners to buy apartments within buildings without requiring approval from Singapore authorities. The old rules regarding the purchase of apartments within a building of six stories or more no longer put on. As a result of the rule change, buying Singapore property has definitely become significantly easier for the people purchasing domestically and abroad.

Being that Singapore property is adore with either a leasehold or freehold tenure, there are the prerequisites that must be met to acquire property within Singapore. This is the spot where the old rule that the building in what one desired to acquire property must be over six stories and considered a condominium rather over a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession with the property to the customer for a time period years (which can be the lifetime of the owner), but when that lease expires, the interest that was accrued by your property and the title is handed onto the state. A freehold title, on the other instrument hand, allows the one who owns the property to hold on to it indefinitely.

But the addition of various leniencies within the Singapore property market is allowing for a hike in may find properties being acquired, especially in the ‘condominium’ sector because of the factors described stated above. Yet when a foreigner is thinking to buy property within Singapore, the Singapore Land jade scape Authority still has to approve the getting land-titled properties. These land-titled properties are land plots, houses, and bungalows.

The numbers don’t lie, though. The economy has strengthened and that has put the Singapore property market into an upward way. 2006 showed a 10.2% increase in private residential property and since real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. The prices have increased as the market has improved and, despite the increase, people are continuing to buy.

This improvement into the Singapore property market has been a major thing for great country and has proven to include a equally great businesses and individuals relocating to the booming Singapore economy. This puts a great face on Singapore and makes it an even greater contributor to earth economy.