Singapore is a small country and land area is scarce. Titled properties or land properties are costly and are considered a luxury as well. Due to this, the real estate market is mainly composed of high rise condominiums and apartment buildings. Generally, there are about 80 percent of Singaporeans who reside in these high rise buildings which are managed by way of a government arm while others occupy private apartments, landed properties and exclusive condominiums.
The growth of the people in Singapore is also contributed by the rapid influx of foreigners to the country. Because of the liberal economic market that Singapore has, foreigners are drawn to produce this country their second home one pearl bank pricing. In this, it is advisable that foreigners research the different kinds of properties most especially because both have their particular foreign ownership restrictions. Once you buy property in Singapore, ensure that you already know the general classifications of the properties that have been set by the government.
Once you buy property in Singapore, the different kinds of properties include: private apartments that are divided in to 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 the ones that are maintained by the Housing and Development Board, a government subsidiary and the most affordable housing unit in the united states; and the executive condominiums designed for the young professionals. Foreign ownership restrictions are strictly implemented in this country. Originally, when foreigners buy property in Singapore, the could only reside in small apartment units or buy landed property as long 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 objective of attracting more foreign investments. Now, foreigners which have the status of a permanent resident or has become a Singaporean citizen can purchase HDB flats directly from the government or through re-sale. Once you buy property in Singapore, there are different criteria when it comes to being qualified to acquire an HDB flat, which, in brief, are the next: having a Permanent Residency Status, at least 21 years of age, must either be married or have the intention to obtain married, have parents or siblings or children, combined income of less than S$8,000 per month in the event that you opt to apply for a Housing grant.
Once you buy property in Singapore, it is obviously best to obtain the aid of a solicitor. This will help you expedite the method especially when it comes to the various legalities intertwined with buying a property. Before signing the contract, you should also be sure that you have the mandatory funds specifically for the reservation deposit. Financing can be an selection for foreigners. Once you buy property in Singapore, there are also other important processes that are essential as well because they involve the documentation process. These include the Option to Purchase document that officially provides you with 14 days within which to determine whether you will buy the property or not, an Offer to Purchase document where there is almost no time involved but you would like the offer to be binding already, a Sales and Purchase Agreement in which a caveat is lodged on the property, and the Fees and Commissions.