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Buying Property In Singapore? Things You Need To Know

The real estate market of Singapore is growing rapidly and this is the reason why more and more investors are investing their resources in buying a property.

Residential Property Act 1973 allows the people of the state to purchase and have their residential properties at affordable prices and encourage foreign investors by allowing foreign companies and permanent residents make an economic contribution to the purchase of the property.

This action allows foreigners to buy apartments in non-condominium development on the lower 6 level without obtaining prior approval. You can also browse to know more about the luxury properties in Singapore.

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Land and housing property craze among citizens and this is one reason why the process of making this kind of property purchase requires approval by the authorities. Before making a purchase, foreigners require approval of the Singapore Land Authority.

To buy property in Singapore, you need to appoint a property agent. He will handle your property transactions and for that they should be experienced and competent in the relevant field.

It is important to stick with a single agent to avoid the confusion and embarrassment because most agents in this country share the same portfolio. Discuss with the agent the type of property you are looking for and the price, location and dimensions of the property.

A good agent can even be a consultant of your property and help you with legal or financial advice. After that, apply for a property tax. Ensure that the filing is done on an annual basis.