Singapore is a small country and land area is scarce. Titled properties or land properties are expensive and are considered an extra as well. Because of this, the real estate market is mostly consists of high rise condominiums and apartment buildings. Generally, are generally about 80 percent of Singaporeans who live with 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 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 a very good idea that foreigners look into the different kinds of properties most especially because each of them have their own foreign ownership restrictions. When you purchase 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 differing kinds of properties include: private apartments that are broken into apartments or affinity serangoon 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 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 are now living in small apartment units or buy landed property provided that 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 will vary criteria when it comes 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 regarding any Housing grant.
When you buy property in Singapore, it could be best to get aid of a solicitor. This will help you expedite the process especially when it for you to the different legalities intertwined with buying a valuables. Before signing the contract, you need to also be sure that you already have the necessary funds especially for the reservation deposit. Financing could be an option for foreigners. When you buy property in Singapore, there are also other important processes that are essential as well merely involve the documentation process. These include the Option to buy 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 not an time involved but good for your health the offer to be binding already, a Sales and Purchase Agreement the place caveat is already lodged on the property, as well as the Fees and Commissions.