Why You Should Consider Buying a Property in Singapore as a Foreigner
With a large population of foreigners in Singapore, it is becoming more and more common for foreigners to buy properties in Singapore. As property prices have increased, foreign buyers are also being impacted by the high prices. Despite the skyrocketing cost of property, a foreign investor should consider buying a property in Singapore because of the diverse lifestyle and personal freedom that comes with living abroad. However, it is important for foreign investors to understand their options so they can decide on whether it is feasible or not.
What to Look Out For When Searching for a Prime Property as a Foreigner in Singapore
Foreigners may look for prime properties in Singapore as their primary residence. However, there are a few things to consider before doing so. The following are some of the important things that you should be aware of when searching for prime property as a foreigner in Singapore.
Research Comprehensive information about Buying Property in Singapore as a Foreigner
Foreigners who want to buy property in Singapore must find out more information about the rules of the country. They need to know that a foreign national cannot own public housing such Housing and Development Board (HDB) flats or landed properties such as bungalows and terrace houses in Singapore. Foreigners are only allowed to own properties such as condominiums, private apartments, townhouses and cluster homes for investment purposes . There are other restrictions on foreigners who want to buy property in Singapore as well.
Find the Right Location for your Property
The location of the property is not just about being near the beach and having a good view. It is about being accessible to public transportations and areas that have more infrastructure and amenities like shopping malls and schools that you need in order to be successful as an expatriate. You also need to factor in your diet preferences and cultural differences with regard to food marketplaces. On top of that, foreigners who are single or couples can find suitable properties with suitable sizes, but the same cannot be said for those who have large families or require extra space for business purposes.
Compare Prices Before Deciding on a Property
One of the most important things to keep in mind when searching for a prime property as a foreigner is price. The price of houses can vary greatly depending on location and how close or far the property is from major destinations such as the Central Business District (CBD), Changi Airport and Marina Bay Sands (MBS).
A good rule of thumb is that if you are looking for a property in prime and popular expatriate areas like Orchard Road, Bugis and Marina Bay, then the prices will be higher than those in other parts of the island. Considering that these areas are located near the CBD, famous shopping districts and tourist attractions, the price range of properties may cost from $1 million to over $20 million.
What’s Next For Foreigners Who are Interested to Buy Properties in Singapore
As mentioned above, Singapore is a great place for foreigners to invest in properties, especially if they intend to work and live there. If you are interested to learn more in depth about the necessary information and steps to buying property in singapore as a foreigner, then visit https://jimtay.com/buying-property-in-singapore-as-a-foreigner-what-you-need-to-know/.