Investing on Properties in Singapore
There’s a rapid expansion of Singapore’s real estate market. This is the reason behind the number of people who are investing their resources in properties and more are doing research on different types of properties. The Residential Property Act of 1973 allows the residents of Singapore to purchase and to possess residential properties at affordable rates. Foreign investors are also encouraged through permission for foreign companies to operate in the country and for permanent residents to buy properties. The act enables the foreigners to purchase apartments within the non-condominium developments that are lesser than 6 levels without any prior approval.
On Buying Different Types of Properties in Singapore
There are also restricted mortgage properties for foreigners in Singapore. Examples of these are the vacant land and the landed property such as terrace houses, semi-detached homes, bungalows which require foreign approval before purchasing property. Landed and residential properties are popular among the country’s residents. This is why it is necessary to seek approval from authorities before making a purchase of this type of property. Before buying property, foreigners require ratification from the Singapore Land Authority.
On Appointing a Property Agent
When buying a property in Singapore, you need the services of a property agent. The agent will handle all transactions related to the property and that’s why they have to be skilled, knowledgeable, and competent in the field. It’s better to stick to only one agent to avoid confusion and any sort of embarrassment. Most agents share the same portfolio of works. You have to discuss with the agent the type of property you like to invest in as well as the price, location, and the dimensions. It is important to have clear instructions from them since this can help you estimate the results’ accuracy. The agent may also serve as your consultant and can give you legal financial advice. You then have to file for property tax. This should be done annually.
Among the most popular and the latest properties sold in Singapore today is the Sturdee Residences at Farrer Park. This property development is highly convenient since it is close to many schools and malls.