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 consisting of high rise condominiums and apartment buildings. Generally, there are about 80 percent of Singaporeans who live through these 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 to the country. Because of the liberal economic market that Singapore has, foreigners are drawn to make the united states their second home. In doing so, it a very good idea that foreigners look into the different kinds of properties most especially because they each have their own foreign ownership restrictions. When you acquire property in Singapore, make sure that you already learn the general classifications of the properties that have been set by the government.
When you buy property in Singapore, the sorts of properties include: private apartments that are put 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 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 house 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 the government or through re-sale. When you buy property in Singapore, there are different criteria when it for you 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 regarding any Housing grant.
When you buy property in Singapore, it is obviously best to get the help of a solicitor. Can teach you help you expedite the process especially when it in order to the different legalities intertwined with buying a housing. Before signing the contract, you will need to also be sure that you already have the necessary funds especially for the reservation deposit. Financing can be an option for and also the. When you buy property in Singapore, there are also other important processes usually are essential as well because they involve the documentation project. 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 to get document where there is no time involved but well-developed the offer to be binding already, a Sales and Purchase Agreement when a caveat is already lodged on the property, along with the Fees and Commissions.