Although foreigners were not allowed to own land in Singapore in the past three decades, a decision was made by the Singaporean government in 2005 to allow foreigners or ex-pats to own or rent residential units in buildings with 6 stories or higher. This proved to be a very good decision as more and more foreigners are now looking for properties to buy or rent in Singapore. Properties for foreigners in Singapore are available in the forms of condominium units and flats that are nonetheless considered as prime properties because of the exclusivity offered to residents and tenants alike. These units are more than enough for families, couples, and singles that are looking forward to living or having a vacation in Singapore. Top-notch properties for foreigners in Singapore include residential buildings for sale or for rent in selected locations like Orchard and Sentosa, although there are a number of places that also offer great deals for prospective buyers or renters. Restrictions apply to purchase bungalows, semi-detached, and terrace houses, but there are plenty of condominium complexes and other properties for foreigners in Singapore that offer the same comfort as being in a home which is worth investing in.
If you are employed in Singapore and are looking for a place to rent, you can check out the property listings in the real estate market and choose which would suit your needs. Once you have found one like arena residences, inform your real estate agent who will, in turn, prepare a Letter of Intent and pass it on to your prospective landlord together with a month’s deposit in advance. The landlord will then prepare the contract of lease or what they call Tenancy Agreement for you to sign. Before signing though, make sure that a diplomatic clause is included in the contract, as this will give you a chance to refund your security deposit in the case for any reason you are separated from your job and cannot continue with the lease after 12 months.
On the other hand, properties for foreigners in Singapore that are in the market require a different procedure. If you’re looking to buy a condo unit or an apartment in a building with six stories or higher, then you may do so without delay. However, if a property you’re interested in is regarded as “Landed Property” (bungalows, terrace houses, semi-detached houses) or an apartment nestled in a building of fewer than six stories, permission would have to be granted by the Singapore Land Authority. Your application to purchase will be reviewed based on whether you are a permanent resident of Singapore and how productive you are as a citizen. Once they have determined that you qualify, the sale of the property will go smoothly.
There are a lot of properties for foreigners in Singapore, whether for sale or for rent. Since it is one of the top countries in the world in terms of financial and economic activity, it’s no wonder why a lot of foreigners are looking forward to being permanent residents. If you are one of those people, then go ahead and check the property listings. You’ll be sure to find a lot of properties for foreigners in Singapore.