Singapore is one of the world’s fastest growing economy which has led to an increase in the number of expatriates and foreigners coming to work here. This has led to a higher demand for housing that is both affordable and decent.
The Housing Development Board is the arm of the government that is charged with ensuring that there is affordable and quality housing available and that foreigners who have more money do not end up buying all the property. This led to the Residential Property Act that seeks to restrict foreign ownership of residential property.
The act seeks to give Singaporeans the opportunity to own their own residential property while allowing permanent residents and foreign companies who invest a certain amount to buy such properties for their own use.
Any expatriate or foreigner who wants to buy a restricted residential property such as bungalows, semi-detached or terrace houses should download an application form, fill it in and submit it together with the relevant supporting documents.
If you want to rent or buy a home it is important to contact a realtor as they are better suited to knowing and finding you the property you want. They assist you every step of the way and protect your interests. With their knowledge of Singapore they will be able to offer you invaluable advice and to secure the best possible price.
When engaging the services of an agent, do not hire more than one agent as this will lead to confusion and a waste of time. This is because the majority of property companies share the same database of property listings and you are likely to be shown the same property twice. Working with one agent also helps you to find what you are searching for sooner as after several viewings they are able to understand your requirements better.
The location of a property is very important when buying a property regardless of whether you are staying or it is for investment. This is because properties in prime locations retain their value and will tend to attract a higher capital gain. They are also more expensive than those properties found in the suburbs. If you are buying a property for investment purposes it is more advisable to buy those located in prime districts or those that have a sea view. Those in the suburbs are more suitable if you are looking for a house to live in.
You have two choices when it comes to buying a flat; you can either buy it directly from HDB which is the government authority that builds and maintains those flats or you can buy it from the resale market. The requirements needed are that you should be a Singapore Citizen or a permanent resident.
Foreigners can only buy executive condominiums which are designed and have facilities such as those found in private condominiums. They were introduced to meet the needs of Singaporeans who could afford more than a HDB flat but could not afford landed property.
Buy Sell Rent Invest Singapore Property
Billy Chen 曾庆义
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com ( email me )
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