Introduction to Buying Property in Singapore as a Foreigner
While the housing market is shrinking in some countries, Singapore is experiencing an increase in demand. Buying property in Singapore for foreigners has been greatly simplified over time. Foreigners who are interested in purchasing a house can now do so without going through the hassle of having to convert their currency or applying for permanent residency status.
In this article, we’ll take you through the types of property foreigners can buy, introduce you to the most popular areas in Singapore for foreigners to buy property, show you how much it costs, and provide some other useful tips.
Types of Property Foreigners can Buy in Singapore
There are a variety of properties that foreigners can buy in Singapore. They range from condominiums to cluster houses, town houses, or Strata landed. The price range for buying such properties starts at $1 million and goes all the way up to a few million dollars, although you can find some condominiums for a few hundred thousand dollars. Most foreign buyers prefer buying apartments or condos because they are easy to rent and sell when they are not living in them anymore.
Unfortunately there are some types of property that foreigners cannot buy in Singapore. These include public housing built by the Housing Development Board (HDB), executive condominiums and landed properties such as semi-detached houses and bungalows. They are also not allowed to purchase properties from developers or private owners. In addition, there is one important thing that you should keep in mind – it is illegal for non-citizens or permanent residents of Singapore (PR) to purchase land outside designated areas without permission from the Singapore government.
Popular Locations for Foreigners to Buy Property in Singapore and their Costs
Investing in property is a popular option for foreigners to consider. The cost of buying a home in Singapore has increased dramatically in recent years, with prices soaring far past what they were even two decades ago. Singapore is an expensive city so that’s why we have included information on the most popular locations for foreigners to buy property. The three most popular locations for foreigners to buy property are Orchard Road, River Valley and Bugis.
Orchard Road has the most expensive properties such as Bishopsgate Residences, Nouvel 18 and Cairnhill 16. The cheapest property along Orchard Road costs approximately $2.8 million, while the most expensive property would cost more than $35 million.
The next most popular and rather expensive districts in Singapore are River Valley and Bugis. They consist of many opulent houses with lush gardens for people who want to live close to the country’s main commercial hub. Some of these properties include Rivière and The Avenir in River Valley, and South Beach Residences and The M in Bugis. These houses ranges from over $1 million to as much as $19 million, depending on the type, size and number of rooms.
Apart from the types of houses foreigners can purchase in Singapore, their costs and popular locations to buy them, you must also know about the taxes for foreigner purchase and the foreigner home buying process in Singapore. All these and more are covered in detail in the article Can Foreigners Buy Property in Singapore? What You Need To Know, so be sure to check out the link to discover more.