The real estate market in Singapore is booming right now. With that said, whether you are planning to invest in the industry or you are simply looking to own a piece of real estate for residential or commercial purposes, now is the right time to get involved. It’s worth mentioning here that if you are an expat, there are certain restrictions imposed by the Singaporean government that you must adhere to. For example, foreigners are restricted from acquiring vacant lands, landed residential properties, and residential properties in a building that has less then six levels.
The First Step In Acquiring Properties In The City
The very first thing you need to do is read and understand the Residential Property Act of the Singapore Law. This legal document contains the types of Singapore properties that you can or cannot purchase. It’s advisable that you get the assistance of a lawyer or a real estate agent knowledgeable about the country’s property acquisition laws. Keep in mind that there are ways on how you can get around the restrictions for expats provided that you meet a few certain criteria.
Are You Holding On To The Property On A Short-Term Or Long-Term Basis?
This is a very important consideration when you’re purchasing a property for sale in Singapore. The government collects a Sellers Stamp Duty (SSD) on expats who sell their properties within the first four years after purchase. Needless to say, if your stay in Singapore isn’t more than 4 years, you might consider renting property instead of purchasing. But if you’re going to be in the country in the long run, it would be a great idea to go all in and allow your real estate properties to appreciate in value.
Follow The Rules And Abide By Singapore Real Estate Laws
The city is very strict in implementing its real estate policies and regulations. You can lose your rights to purchase a property if you are caught trying to manipulate the system. This is why it’s highly recommended that you read the country’s Residential Property Act and understand it fully before you do anything. Everything that you need to know about looking for property for sale in Singapore is contained in the document.
Always Seek The Assistance Of An Experienced Realtor
This is especially true if it’s your first time buying Singapore properties. You need to find someone who is experienced enough that he knows the ins and outs of the city’s real estate market. Purchasing property in Singapore is a long process especially for expats because there are extra documents that you need to acquire and additional steps that you must take.
Following the practical tips discussed above will significantly help you in ensuring that your transactions go as smoothly as possible. The general rule is that you should stick to the rules and regulations to avoid any hang-ups with the Singaporean government.