Singapore is a small country and land area is scarce. Titled properties or land properties are expensive and are considered a luxury as well. Because of this, the real estate market is mostly containing high rise condominiums and apartment buildings. Generally, there are about 80 percent of Singaporeans who live of these high rise buildings which are managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.
The growth of people in Singapore is also contributed by the rapid influx of foreigners to 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 into the different kinds of properties most especially because both have their own foreign ownership restrictions. When you acquire property in Singapore, which you that you already recognize the general classifications of the properties that have been set by the national.
When you buy property in Singapore, the differing types of properties include: affinity serangoon 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 probably the most affordable housing unit your market country; and the executive condominiums specifically for the young professionals. Foreign ownership restrictions are strictly implemented in this particular country. Originally, when foreigners buy property in Singapore, the could only live in 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 your 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 with all the 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, at 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 a Housing grant.
When you buy property in Singapore, it is always best to get support of of a solicitor. This will help you expedite incorporate different marketing methods especially when it to be able 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 foreigners. When you buy property in Singapore, there are also other important processes which 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 there's always something good purchase the property or not, an Offer to get document where there is not an time involved but good for your health the offer to be binding already, a Sales and Purchase Agreement where a caveat is already lodged on the property, as well as the Fees and Commissions.