Can Foreigners Purchase HDBs Or Properties In Singapore?
Foreigners can purchase property in Singapore. However, there are several specified restrictions. Subsidised housing from the government (HBD flats) is only available to citizens and permanent residents of Singapore.
Foreigners have access to condominiums or private apartments. There are no restrictions regarding the number of homes or private apartments that foreign entities can buy. Also referred to as condos, condominiums are residential units situated within building complexes or buildings.
Individuals own condos, but the owners of these units share the common areas inside the complex or building such as laundry rooms and recreational facilities. It is comparable to an apartment building, but in this case, the units are owned rather than rented.
When the building is completed, a permanent resident can purchase a subsidised condominium after 5 years while a foreigner can buy it after 10 years.
Foreigners require government approval when they seek ownership of landed properties such as bungalows and terrace houses. A foreign applicant is required to contribute significantly to the economy of Singapore. Foreigners who are interested in these types of properties can apply via Singapore’s Land Authority.
Foreigners who want to purchase commercial properties in the country are not restricted. Examples of commercial properties are shopping malls, factories, hotels, offices, shops, and warehouses.
Exploring the Property Market
Singapore is well known as the financial hub of Asia. It is home to several international firms and, subsequently, several expatriates. As a global, developed city that consists of a vibrant community along with modern amenities, it is a great place for foreigners to consider. However, this all comes at a cost as Singapore is also an expensive place to reside.
It is advisable to be aware of the cost of living if you are thinking about moving to Singapore to start a business, work, or live there. Choosing a home is a crucial factor because prices vary between certain developments and districts and the extent of luxury you plan on investing.
Buying a home in Singapore is a sensible step if you are moving there on a long-term basis. There are some limitations on the properties that expatriates can purchase, which is why you need to know as much as you can about the process of buying property in Singapore if you are a foreigner.