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Singapore has been consistently high-ranked for many reasons in real estate reports from different parts of the globe. Found in the midst of international trade routes, the city-state is one of the best places for overseas investors. With a very progressive real estate industry, it is the best time to invest in Singapore property.

Rent or Purchase HDB Flats

HDB is short for Housing Development Board. The Singapore government agency holds the responsibility of providing affordable housing for Singaporean citizens. Over 50 percent of the Singapore population rent these flats.

For anyone wishing to stay in Singapore for a long period of time, there are a number of conditions that you have to be qualified to buy a new HDB flat. First of all, you must be a Singapore citizen. To buy a 2-room flat, your gross monthly household income should not be over 2,000 Singaporean dollars. To buy a 3-room flat, your gross monthly household income should not be over 3,000 and to buy a 4-room or larger flat, it should not be over 8,000. If you do purchase a flat with your extended family, then your gross monthly household income must not exceed 12,000. If you are a Permanent Resident or a young single (younger than 35 years), you may not be able to obtain a cheaper flat. Your other choice is to buy or rent out a private condominium unit, but evidently, the cost will be more.

Buying Singapore Property

Since 2005 foreigners are able to purchase apartments in all buildings without requiring approval from the Singapore Authorities. Initial rules regarding the apartment block having to be higher than 6 stories and categorized as a condominium have been scrapped. A foreign individual or anyone who is not a Singapore citizen, Singapore society, Singapore Company or Singapore limited liability partnership will still ask for permission from the Singapore Land Authority to purchase land-titled property like houses, vacant plots of land and bungalows.

Mortgages can be acquired for buying all freehold properties and some leasehold properties based on the unexpired lease term and usage. You should look into the real estate market valuation for the property you wish to purchase. Also see to it that your income proof and credit standing will allow you to borrow the necessary amount. Remember, Singapore banks can lend only up to 80 percent of the sale price or valuation to foreigners as well, and they will ask for proof of earnings. For assistance, contact a real estate agent.

How To Sell Singapore Property

If you plan to sell, make a comparative analysis of your property, outline the benefits of things like facilities and accessibility to public transportation, and market value. Also obtain a bank valuation. Choose the best way to effectively market your property such as using classifieds and professional agencies. Screen prospective buyers when they contact you, choose your buyers and schedule an appointment for them to inspect your property. Before you open your property for inspection, make sure it is presentable. To sell fast, follow-up with prospective buyers on their top offer, keep a good business relationship, and negotiate when necessary.