Singapore is a small country and land area is scarce. Titled properties or land properties are costly 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, lucrative 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 people in Singapore is also contributed by the rapid influx of foreigners for 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 in the different kinds of properties most especially because each of them have their own foreign ownership restrictions. When you acquire property in Singapore, which you that you already be familiar with the general classifications of the properties that have been set by the national.
When you buy property in Singapore, the different 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 one of the most affordable housing unit previously country; and the executive condominiums specifically for absolutely nothing as they 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 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 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 from the government or through re-sale. When you buy property in Singapore, there are distinct 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 for one Housing grant.
When you buy property in Singapore, it is always best to get support of of a solicitor. Should get help you expedite the process especially when it comes to the different legalities intertwined with buying a housing. Before signing the contract, you would like to also be sure that you already have the necessary funds especially for the reservation deposit. Financing could be an option for and also the. When you buy property in Singapore, there are also other important processes which essential as well because they involve the documentation operation. These include the Option to purchase document that officially offers you 14 days within which to decide whether there’s always something good purchase the property or not, an Offer invest in document where there is not a 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.