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 consisting of high rise condominiums and apartment buildings. Generally, are usually about 80 percent of Singaporeans who live an entire high rise buildings that 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 towards 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 makes sense that foreigners look in the different kinds of properties most especially because they each have their own foreign ownership restrictions. When you buy property in Singapore, hold 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 differing kinds of properties include: private apartments that are separated 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 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 country. Originally, when foreigners buy property in Singapore, the could only dwell in small apartment units or buy landed property very long 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 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 by means of government or through re-sale. When you buy property in Singapore, there are different criteria when it in order 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 one Housing grant.
When you buy property in Singapore, it is consistently best to get it often 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 housing. Before signing the contract, you would like to also be sure an individual already have the necessary funds especially for the reservation deposit. Financing can be an option for tourists. When you buy property in Singapore, there are also other important processes are actually essential as well basically because involve the documentation process. These include the Option to purchase document that officially anyone 14 days within which to decide whether definitely will purchase the property or not, an Offer obtain document where there are very few time involved but you want the offer to be binding already, a Sales and Purchase Agreement where a caveat is already lodged on the property, along with the Fees and Commissions.