It is known as a fact that Singapore is a really small country. The place has a small land area. With this in mind, it is not mind-boggling to understand why titled and land properties are too expensive in the place. As a matter of fact, they are taken as luxurious already. Since this is the case, the real estate market is made up of high-rising condominiums and apartment buildings.
Generally speaking, there is around 80% of Singaporeans who are found in high buildings are usually manage through government arm. They normally occupy private apartments, exclusive condominiums and landed properties. These are all existing there.
With the influx of foreigners, the population growth of Singapore became rapid. This can be attributed to the liberal economic market that the country has. There are many foreigners who are really drawn to making the country just like their home. As they do this, it has been advisable for most foreigners to check on the various properties that they see in the place. As they purchase one, there is a need to learn about the general considerations that are involved in the properties of Singapore. These are usually set by the government.
Buying in Singapore
There are some of the things that have to be remembered when it comes to securing a property in Singapore:
- As you purchase a property in Singapore, please know the different kinds of may stumble upon. These are private apartments which are further sorted into condominium units. Landed properties, on the other hand, are into terraced houses, detached houses, exclusive bungalows, and shophouses. There are also those HBD flats which are run by the Housing and Development Board. This is a government subsidiary body that gives off affordable housing.
- Executive condominiums are also around the place. These are the best for most young professionals out there. Usually, there are foreign ownership restrictions which are implemented in the country. Originally speaking, as foreigners secure a property in Singapore, they are allowed to be in a small apartment only if they are capable of producing documents which are valid. They also need to show a valid working permit or students pass if they are being looked at.
- The government relaxed the rule involved in this process which is meant to attract a tenfold of foreign investments out there. Today, foreigners who have already obtained a status of permanent resident, or have been a Singaporean citizen may purchase HDB flats. They can do this directly from the government. They may also secure one through a re-sale. As one purchases a company in Singapore, there are criteria that must be learned about.
In order to qualify for a property in Singapore, you must be a permanent resident of Singapore, 21 years old at least and an income of at least S$ 8,000 combined with that of your parents, siblings or children. These will all be looked at so that you may earn a housing grant. Remember that it is crucial to all applicants.