Singapore is a business hub and it serves as the base for several multinational companies. Being a well-developed industrial city in the Heart of Asia, Singapore houses top global companies and businesses, and it becomes a very attractive base for foreigners and Expatriates. With its Massive commercial, industrial and financial vibrancy, Singapore stands out as one of the most expensive cities in the world to live. Singapore’s economy is very stable and remains a popular destination for business-inclined expats and foreign investors. The newly developed areas such as Avenue South Residence and Amber Park are full of trendy villas and houses. The suburbs contain some beautiful beach side developments.
If you are a foreigner who is planning to relocate to Singapore for work or business, then you should find out about the cost of living in Singapore. Housing is one of the core things that you’d have in mind once you decide about your relocation to Singapore.
Singapore’s real estate industry is very pricey, and they vary across districts according to amenities, luxury, class and choice of home.
Where will I live?
Can I buy a house in Singapore?
To buy or lease, which one is better?
These are some of the questions that you’d possibly have in mind as soon you are ready to migrate to Singapore, but here is the kicker!
If you are planning to stay in Singapore for a long time, you would be better off if you buy a new house.
Singapore is a well-coordinated city and there are necessary conditions that all foreigners must fulfill before buying a house. More so, there are certain restrictions about the properties you can buy; hence, there is ample need for you to be knowledgeable about the processes involved in buying a new house in Singapore. This article will serve as a guide for you. Let’s proceed!
What is the state of Singapore’s Property Market
The property Market in Singapore is very large, but it took a leap in 2009 and the price for residential apartments increased up to 38.2% during the second quarter of 2010. The market became very pricey and the Singaporean authority quickly took smart steps to bring down the price. One of such actions was to make the art of getting a mortgage more complicated. Another smart step was to increase the price of stamp duties after every purchase. These were some of the smart actions that quelled the sharp increment in the price of the property market. The market also experienced some intermittent swinging in pricing.
By the end of the first quarter of 2016, the prices of property in Singapore dropped by 1.8%. This came after a 3% drop in 2015. Authorities in Singapore attach so much value to the real estate industry and ensure apt regulations. Changes in the real estate has massive impacts on the overall economy of Singapore. The inherent and constant stability in Singapore’s real estate industry is what makes it outstanding and a safe haven for both local and foreign investors.
Is it possible for foreigners to purchase property in Singapore?
The complexities in the Singaporean market makes it necessary for foreigners to have a foreknowledge of the various restrictions in the market before going ahead to buy any property. The Singaporean Residential property act allows foreigners to purchase new buildings and condos. However, this is only applicable to buildings that are not more than six stories. The process of buying land is much more complicated.
As an expatriate, you are more likely to experience issues with foreign exchange; hence, it is imperative to seek advice from local real estate experts when you’re ready to buy a property in Singapore.
What are the major property types in Singapore?
The real estate sector in Singapore has experienced widespread development. A greater percentage of the Singapore area is urbanised and only a limited space is left for residential activities. You will have a plethora of apartments, condos, and flats in the urban areas to choose from.
As a foreigner, you’re free to buy a condo subject to certain restrictions, but you would not be able to buy land.
One of the first steps to take after buying a property is to survey it. This is a very smart idea that every foreign investor must know; although the Law does not require that you survey the property before purchasing it.
Instead of searching for a surveyor yourself, it is advisable to contact your solicitor to get one surveyor for you. The surveyor has keep knowledge of the area and its topography.
As a foreigner, what are the must-dos when deciding to buy a property in Singapore?
You might end up in trouble if you rush to buy a property in Singapore without seeking the advice or counsel of a Lawyer. The Lawyer must be a local who is vested with Singapore’s local property laws.
- You must learn about the mortgages and then decide which one suits you best. By doing so, you have been given a quote which will serve as a determinant to your budget.
- Don’t just hire any local Lawyer, but a local Lawyer that you Trust
- Choose your desired property
- Make offers and then go ahead to make payment once the seller agrees to sell to you.
- Visit the financial institution and put finishing touches to the mortgage.
- Once the Lawyer completes the process of drawing out the options, make sure that you confirm that the seller is the true owner of the property. More so, confirm that you can legally sell the property.
- It’s imperative to reserve the property, so go ahead and make payment of 1% optional fee.
- Complete the payment within two weeks and proceed.
- Contact your Lawyer and tell him to prepare a document for the transfer of ownership of title of the property. This must be signed by both the buyer and the seller
- Arrangement of documents for the transfer of property title by the Lawyer. More so, proper registration of the sale must be done by the Lawyer.