Buy Property In Singapore

Singapore is a small country and a scarce land area. Therefore, the real estate market consists mostly of high-rise condominiums and apartment buildings. In general, about 80 percent of Singaporeans living in high-rise buildings are managed by the government's arm while others occupy apartments, landed properties and exclusive condominiums.

Population growth in Singapore was also donated by the rapid influx of foreigners into the country. Because liberal economic market that Singapore has, foreigners keen to make this country their second home.

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In doing so, it is recommended that strangers look into the various types of properties, especially because they each have their own restrictions on foreign ownership. When you buy a property in Singapore, make sure that you already know the general classification of property that has been set by the government.

When you buy a property in Singapore, various types of property include: private apartment which is divided into apartments or condominiums; landed property which are further classified into semi-detached houses, terraced houses, detached house; HBD flats or those maintained by the Housing and Development Board, a subsidiary of the government and the most affordable housing units in the country; and executive condominiums specifically for young professionals.

Foreign ownership restrictions are strictly applied in this country. Initially, when foreigners buy property in Singapore, they can only live in a small apartment unit or buy landed property as long as they produce documents such as a valid work permit or student pass. More recently, however, the government has relaxed the rule is intended to attract more foreign investment.