Singapore is a city of dreams. It is a city that can bring glory, prosperity, and standard to your life. There is no doubt that buying a property in Singapore is still a dream for many people. It can be costly for you to invest in a property located in Singapore. As per the 2019 reports of CBRE and the global property guide, Singapore has been listed as the second most expensive property market globally. Hence, if you plan to buy a condo or any property in Singapore, you must have to be secured with your budget.
Singapore property launches ensure you all the rules and covid guidelines that every condo buyer needs to understand, before buying a condo in Singapore. This article aims to give all the details and eligibility criteria to invest in a property in Singapore. There are various new launch condos in Singapore waiting for you to provide a luxury property at the most reasonable prices. Hence, do not waste more time and dive into the ocean of rules and guidelines to buy a condo in Singapore:
1. Eligible Types of Foreigner Buyers
If you are not a resident of Singapore or a Foreigner, then there are specific rules that you must ensure to invest in a property in Singapore. Singapore has strict rules and regulations for foreign condo buyers. Hence, we are here to make you aware of such regulations specifically meant for Singapore's foreign condo buyers. They are as follows:
● Foreign Buyers
Foreigner buyers would be counted among people who have not yet lived in Singapore for more than 10 years and have not got the permanent resident status. If you are one of those who do not have PR status in the country, you can only invest or buy an executive condominium in HDB block. The significant aspect of this rule is that the owner should own the condominium you should purchase for at least 10 years or more. You must understand this rule to invest in a new launch condo in Singapore.
● Buying With PR Status
Singapore property launches would be the best source for you to search for new condominiums and exciting properties that could be a significant investment net in Singapore. If you have a permanent resident or PR status in Singapore, you can easily invest in HDB flats and executive condominiums. Buyers with PR status are also eligible to buy a landed property with the consideration of the Singapore land authority.
● Buying With A Singaporean Spouse
If you have got married to a Singapore citizen, there are also specific rules that you need to understand to buy a new launch condo in Singapore. You can only purchase a 2-bedroom build-to-order flat in a non-mature estate. There are struct visa requirements as well, according to the noncitizen spouse scheme.
- Other Eligibility Requirements
Now that you are aware of the rules for fashion buyers, there are specific other eligibility requirements also. The requirements are to be fulfilled by all kinds of buyers, residents, nonresidents, local people, or foreigners. These requirements must be fulfilled to buy from Singapore condo launches. The eligibility requirements are as follows:
●
You should be 21 years or more
●
Dpwnpaymemst is required with 5% in
cash
●
Bank loans up to 75% are available for
new buyers.
● There is a legal fee of $2500-$2800
So above are some eligibility requirements that every condo buyer is supposed to fulfill before buying a condo in Singapore.
- Down-Payment
It is a well-known fact that property in Singapore is costly. It is a place in the world where people dream of buying a property. Hence, you need to know about the down payment requirements to book a condo in Singapore. The down payment should be a total of 25% of the actual price of the apartment. Out of this 25%, you can pay 20% of the amount from the CPF savings account, and the remaining 5% is compulsory to be paid in cash. Hence, ensure that you meet these down payment rules to buy your dream condominium in Singapore.
COVID'19 Guidelines
The coronavirus pandemic is not new to anybody. All the countries and their economies have suffered severely, and Singapore is one of them. It has affected almost every corner of the world. Hence, to ensure that the property market revives with profits and all the investors can invest in the properties of Singapore, a few guidelines are being decided. These guidelines are agreed to ensure easy condo buying in Singapore. They are as follows:
●
Since the economy of Singapore has
suffered, the market prices for properties like apartments, lands,
condominiums, etc., are expected to rise by 4% in the coming years.
●
Banks are supposed to give loans at
lower interest rates to ensure easy money generation in the economy.
● Visa requirements and vaccination guidelines have been more severe and strict to ensure the well-being of the nation.
So these were some of the significant guidelines that are being made, keeping in mind the consequences covid'19. Hence, whenever you plan to invest in a condo or any property in Singapore, ensure that you know such essential guidelines.
Conclusion
Buying a condo in Singapore can be the most luxurious thing you can do. It will ensure you all the facilities and make your life easy and comfortable. You can contact us to get the best condominium deals and secure your favorite new launch condo in Singapore without any challenges.
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