The Singapore property market is incredibly hot right now, that’s been possible in part to the 2005 introduction of strata-titled properties that means foreigners to buy apartments within buildings without requiring approval from Singapore respective authorities. The old rules regarding the purchase of apartments within a building of six stories or more no longer administer. As a result of the rule change, buying Singapore property has definitely become significantly easier for any purchasing domestically and abroad.

Being that Singapore property is deeply in love with either a leasehold or freehold tenure, there are the necessities that must be met to acquire property within Singapore. This is where the old rule how the building in what type desired to acquire property must be over six stories and considered a condominium rather than a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession for the property to purchaser for a period of years (which is the lifetime of the owner), but when that lease expires, the interest that is accrued by the property and the title is handed up to the state. A freehold title, alternatively hand, allows the owner of the property to hang on to it indefinitely.

But the addition of various leniencies within the Singapore property market is allowing for a hike in you’ll likely properties being acquired, especially in the ‘condominium’ sector as a result of factors described above. Yet when a foreigner is thinking to buy property within Singapore, the Singapore Land Authority still has to approve the purchase of land-titled properties. These land-titled properties are land plots, houses, and bungalows.

The numbers don’t lie, jade scape though. The economy has strengthened and that has put the Singapore property market into an upward trend. 2006 showed a 10.2% increase in private residential property and since the real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. The costs have increased because the market has improved and, despite the increase, people are continuing to close on.

This improvement within the Singapore property market has been a wonderful thing for great country and has proven to thought to be equally great for companies and individuals relocating to the booming Singapore economy. This puts a great face on Singapore and makes it an even greater contributor to entire world economy.