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Properties based in Singapore are rated as one of the best worldwide. This is due to the fact that the place is highly industrialized and with massive trade links. But in the past, buying properties in Singapore proved to be a hard nut to crack for both foreigners and the natives. This was brought about by the huge population density and minute land size. In 2005, all this changed after the introduction of strata-titled property.
Before this, one had to seek permission from the authorities to buy an apartment in the city but that rule is not applied any more. Because of this, real estate properties have increased in both demand and cost.
In South East Asia, Singapore can be described as the best city in the area. Despite this, it is still quite hard to find properties to buy. This has been brought about by the increase in price and demand which has in turn led to scarcity of properties to buy in Singapore. An important thing to know is that no property in Singapore can be fully sold to a foreigner.
Mostly, the properties are leased to the foreigners or one may use the policy of freehold tenure. This implies that one is given temporary ownership of the property after which you return the property title and profit acquired as soon as the lease expires. As for the freehold tenure, ownership can stick with the person indefinitely.
Despite the change of rules in 2005, foreigners still have some rules to oblige when purchasing land-leased properties in Singapore such as bungalows and houses. One of the rules is that each and every foreigner has to consult with the SLA, meaning Singapore Land Authority, before buying any land-related property in Singapore.
Ever since 2005, market demand and prices in Singapore have dramatically risen and are still rising up to date. In the year that followed, there was a rise of about 11% while in 2007 the rise was of about 16%. The figures have been steadily rising ever since. Though the increase makes it even harder to purchase properties in Singapore's market, there are still determined buyers who have not given up their quest of acquiring a property in this awesome city.
As a result of this booming business, some companies and entrepreneurs have set up businesses in the heart of Singapore.
In conclusion, there are some things that one should keep in mind when buying properties in Singapore. For starters, try and buy properties that are in proximity with the MRT, meaning Mass Rapid Transit. This will aid in increasing the value in case of a resale. Secondly, keep in mind the number of units. Do not buy very big properties. Specialize in medium size property such as three bedrooms flat.
Finally, when looking for properties in the city, seek for assistance from any renowned property agent. They know their way around the city and can direct you on where one can land the best deals especially when it comes to real estate investment.
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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