The Singapore property market is sizzling hot right now, jade scape which has been possible in part to the 2005 introduction of strata-titled properties that has allowed foreigners to buy apartments within buildings without requiring approval from Singapore pros. The old rules regarding the purchase of apartments within a building of six stories or more no longer administer. As a result of the rule change, buying Singapore property has definitely become significantly easier for those purchasing domestically and abroad.

Being that Singapore property is sold on either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is the spot where the old rule that the building in what type desired to acquire property must be over six stories and considered a condominium rather than a simple apartment. But first, we must explain what leasehold and freehold tenures are.

A leasehold title gives possession of the property to purchaser for a time period years (which could be the lifetime of the owner), but when that lease expires, the interest that is accrued by the exact property and the title is handed over to the state. A freehold title, on the other hand hand, allows the one who owns the property to hang on to it indefinitely.

But the addition of various leniencies within the Singapore property market is allowing for a hike in the number of properties being acquired, especially in the ‘condominium’ sector as a result of factors described above. Yet when a foreigner is considering the purchase of property within Singapore, the Singapore Land Authority still provides approve the acquiring land-titled properties. These land-titled properties are land plots, houses, and bungalows.

The numbers don’t lie, though. The economy has strengthened and that has put the Singapore property market into an upward market trend. 2006 showed a 10.2% increase in private residential property and since the real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. Automobiles have increased because the market has improved and, despite the increase, people are continuing to close on.

This improvement into the Singapore property market has been an incredible thing for the small country and has proven to be a equally great businesses and individuals relocating to the booming Singapore economy. This puts a great face on Singapore and makes it an even greater contributor to the world economy.