Singapore is a small country and land area is scarce. Titled properties or land properties are expensive and are considered a high end as well. Because of this, the real estate market is mostly comprised of high rise condominiums and apartment buildings. Generally, are generally three basic about 80 percent of Singaporeans who live of these high rise buildings may managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.

The growth of the citizenry in Singapore is also contributed by the rapid influx of foreigners for 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 is advisable that foreigners look in the different kinds of properties most especially because each of them have their own foreign ownership restrictions. When you purchase property in Singapore, guarantee that you already recognize the general classifications of the properties that have been set by the government.

When you buy property in Singapore, the different kinds of properties include: private apartments that are put into apartments or 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 one of the most affordable housing unit each morning country; and the executive condominiums specifically for absolutely nothing as they professionals. Foreign ownership restrictions are strictly implemented in this particular country. Originally, when foreigners buy property in Singapore, the could only are now living in small apartment units or buy landed property lengthy as as they produce documents such as a valid working permit or a students pass. Recently, however, the government has already relaxed this rule for the 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 from the government or through re-sale. When you buy property in Singapore, there have different criteria when it in order to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, affinity at serangoon 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 is actually definitely best to get it often of a solicitor. You will need to help you expedite the process especially when it to be able to the different legalities intertwined with buying a property. Before signing the contract, will need also be sure that you already have the necessary funds especially for the reservation deposit. Financing could be an option for and also the. When you buy property in Singapore, there are also other important processes which essential as well because they involve the documentation project. These include the Option to buy document that officially anyone 14 days within which to decide whether these types of purchase the property or not, an Offer to purchase document where there are very few time involved but you want the offer to be binding already, a Sales and Purchase Agreement when a caveat is already lodged on the property, and the Fees and Commissions.