Singapore is known for its industry and service sectors. Being one of the busiest ports, Singapore is home to more U.S. millionaires per capita than any other country in the world. The need for Singapore real estate has been on the rise in the last decade, making the market very competitive.
Why Buy Singapore Real Estate?
The population is expanding in Singapore making the real estate market skyrocket. Foreigners are seeking out opportunities in this area which is causing the economy to grow exponentially. However, the government of Singapore has strict rules on what type of property you can purchase. The three main types of property are the following: landed properties, private apartments and HDB flats.
What is the Difference in Singapore Real Estate Properties?
As stated above, there are three main types of properties. Landed properties are any of the following: Semi-detached houses, detached houses, terraced houses, shop houses and exclusive bungalows. These are typically very expensive properties and their price depends on the size and location of the property.
Private apartments can be either condominiums or apartments, but how it’s classified depends on the size and built up sizes. Condos typically are a package deal with amenities such as playgrounds, swimming pools and gyms. Private apartments usually lack the extra amenities, but can typically be lower in price.
HDB flats are considered the best properties in Singapore and the least expensive. HDB flats are government financed and maintained by the Housing and Development Board of the Singapore government. HDB flats are communities with basic amenities making it easy and convenient for those who live there.
Are there any Restrictions when Buying Singapore Real Estate?
There are some restrictions that one should consider before purchasing Singapore real estate. HDB flats have some criteria before purchasing. You must be at least 21 years of age. You can either be a Singapore citizen or a permanent resident with at least one sibling who is a permanent resident as well.
Combined family income cannot be greater than $8,000 per month. There must be a family community before purchasing an HDB flat. There are some additional special cases, but these are usually reserved for extreme situations.
Before being considered for an HDB flat you have to fall under all the above mentioned criteria. This can be frustrating for those involved with business in Singapore and are looking for cost effective solutions for housing.
