Friday, April 16, 2010

Buying Singapore Property - Tips And Knowledge

Buying Singapore property
The Singapore Property is one of the hottest properties across the world and it grew hotter since 2005 with the introduction of strata-titled properties which enables now foreigners to buy properties of real estate in the city. Before 2005, buying Singapore property was one of the toughest jobs for foreigners as well as the local residents too due to small size of the country and high density of population. With the new strata-titled properties foreigners can now invest in apartments with buildings without requiring any kind of approval from the Singapore authorities. The old rule of taking permission to purchase the apartments within six stories in the city is no longer applicable. As a result the real estate property prices and demand shoot to the highest.
Singapore is one of the hottest destinations of the South East Asian and this cosmopolitan city is packed with people from all walks of life and all corners of the globe. Though the rule change has made it significantly easier to buy properties in the city, but the high price and scarcity of property for sale make it very difficult to find suitable property for investment. One important thing you should note regarding property purchase in Singapore is that no property in Singapore is sold completely to foreigners. It is actually acquired on the base of freehold tenure or leasehold. That means you are given the title of possession of the property for a particular number of years and it can also be lifetime lease. When the lease expires you are required to hand over the interest that has been accrued by the property and title to the state. Whereas the freehold title in Singapore enables you to hang on the property indefinitely.
Though some strict rules and regulations regarding the Singapore property purchase have changed yet there are some legal matters that require to be clarified while buying the properties. Foreigners are required to get approval of purchase from the Singapore Land Authority for the purchase of lease or land-titled properties. The land-titled properties are houses, plots and bungalows.

Singapore Property Price
With increasing demand the prices of Singapore property market has shoot upward. Since 2005 there has been a constant increase in the prices. The year 2006 saw 10.2% of rise and the following year by 15.8% increase than the price of 2004. Despite the increase property buyers and interested people are still looking forward to buy properties in this city of dreams. The much free market of Singapore property has enabled individuals and companies to relocate their business in the booming Singapore market.

Few important things you should note before buying property in Singapore:
1.If possible buy properties close the New Circle MRT for greater resale value or ROI. Property in this area increases its value overnight.
2.Search for properties with the help of property agents in areas which have high rental yield if you do not wish to stay there. The city has become increasingly popular among expats because of increasing number of lifestyle living in the city.
3.Take note of units. Normally you find 2 bedrooms and 3 bedrooms flat to fetch the good prices in terms of rental. Hence invest in such units rather than too large size properties.
(ArticlesBase SC #2020646)

Fernando Hal - About the Author:
Fernando Hal is contributor at SG-House.com, Singapore largest property forum. Visit the Singapore property news and knowledge section for more tips.

Source:  http://www.articlesbase.com/real-estate-articles/buying-singapore-property-tips-and-knowledge-2020646.html