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 comprised of high rise condominiums and apartment buildings. Generally, are usually about 80 percent of Singaporeans who live in these high rise buildings which can 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 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 each of them have their own foreign ownership restrictions. When you purchase property in Singapore, hold that you already be familiar with the general classifications of the properties that have been set by the government.
When you buy property in Singapore, the different kinds of properties include: private apartments that are divided 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 essentially the most affordable housing unit each morning 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 occupy 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 with all the government or through re-sale. When you buy property in Singapore, there are distinct 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 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 for one Housing grant.
When you buy property in Singapore, it could be best to get aid of a solicitor. Should get help you expedite practice especially when it comes to the different legalities intertwined with buying a houses. Before signing the contract, will need also be sure a person can 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 basically because involve the documentation process. These include the Option to order document that officially anyone 14 days within which to decide whether definitely will purchase the property or not, an Offer to purchase document where there are very few 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, along with the Fees and Commissions.