Setting Shop on Singapore as a Foreigner – What you Need to Know
With regulation set by the government since the year 2010, the Singaporean real estate market has experienced a recovery that allows many people to embrace it without fear of losing their investment or have exorbitant interests rate overtake their payments. While a few could argue that a market doesn’t work on regulations the fact is that the results standout in plain view: more developers are getting into the game and constructing housing solutions that line up with the life projects of many people in the country.
Taking up on an Unknown Market
While in the past the market was closed down to foreign interest the recent surge in the market as created an opening for the government to allow foreign investors to buy real estate properties in Singapore. Here’s what you need to know if you are coming to the country to make a bid for a condo or a house for investment purposes.
The most noticeable fact about regulations is that they allow foreigners to buy condos and apartments on buildings that are less than six stories high. The other factor standing out is prices according to zones. Although the overall price of a 120sqm condo is an average of $1,500,000, you can get better deals if you do some good research and look out for offers.
Going Through the Motions as You Learn
Since you are coming from another country the best thing you can do is be prepared and look out for help from a certified real estate agent with an outstanding reputation. After all your aim is to get the Number one property you can get for your money and the people behind these agencies are well-trained and ready to offer the best available advice about the property you can get given the state of your resources, the size of your budget or the endgame of your personal project in Singapore.
You will be faced with many choices and it will be solely up to you to make the right call on the team you expect to be working with you. Even after scoring a good agent there are certain aspects related to your investment that you should keep present at all moments such as the state of the property recommended by your agency, the age of the project, and the living conditions of the neighborhood where it’s located.
The Purpose of Your Investment
If your intent is to score profits you need to learn about the singular aspects of the regions of the country and the ones that are best suited for foreign investors. Certainly, most of them manage to score big earnings by buying commercial locations instead of households. The main limitation placed on them is the possibility of buying land, so you better keep that in mind to avoid scams from any agency making such offers. It’s a legal regulation that has no backdoors to it.
The final piece of advice we can offer as you hunt down your number one property in Singapore is to hire the help of a local lawyer that specializes in real estate deals to review every step of the deal managed by the agency. Try to have both entities separate from each other to make sure you’ll have an objective review of the deal and to avoid legal issues.