Q&A for foreigners purchasing a property in Singapore
Question 1: What facilities are available in property in Singapore?
A: The facilities of Singaporean apartment are very luxurious, including facilities such as swimming pools, barbecues, tennis courts, gyms, reception centers, and others.
Question 2: How do you calculate the usable area of Singaporean real estate? How do you buy a parking space?
A: Singaporean apartment property areas are utility areas, and do not have common spaces. Parking spaces in most apartments are free of charge and no extra purchase is required.
Question 3: How many years is the title deed in Singapore?
A: There are three types of title deeds in Singapore: 99-year deeds, 999-year deeds, and permanent title deeds.
Question 4: What is the housing standard in Singapore?
A: Singapore only has turn-key houses and does not have roughcast houses.
Question 5: Can I get a loan to buy a house in Singapore? What’s the interest rate on the loan?
A: Foreigners buying houses in Singapore can easily get loans, and you can borrow up to 75% of the house price. Interest rates are low, currently around 2% a year.
Question 6: What taxes should be paid to buy a house in Singapore?
A: You need to pay a 4% stamp duty on buying a house. Foreigners also pay an additional 20% Additional Buyer’s Stamp Duty (ABSD), but only 5% more than second homes for permanent residents and third homes for Singaporean citizens.
Question 7: How much is the property tax in Singapore?
A: Singapore’s property tax is very low, costing about 0.2% of the value of a home.
Question 8: Is there a property bubble in Singapore? What about housing prices?
A: Singapore’s property bubble index is extremely low. Prices have been rising steadily in recent years, and the government’s cooling measures introduced in 2018 barely managed to curb the excessively rapid rise in housing prices. This is an ideal time to buy a home.
Question 9: What are the most popular areas for foreign buyers in Singapore?
Postal district 1: Marina bay, central business district.
Postal district 4: Sentosa, entertainment resort.
Postal district 9: Orchard road, leisure shopping area.
Postal district 10: Bukit Timah, celebrities area.
Postal district 11: Novena, high-end medical district.
Postal district 15: East Coast, picturesque area.
Question 10: Can a company buy a house? Can I buy a house for an underage child?
A: Yes, aside from the Additional Buyer’s Stamp Duty of foreigners, developers need to pay a 5% extra stamp duty. Singaporean law requires property buyers to be at least 21 years old.
Question 11: Can you get permanent residence status (PR) or a passport for buying a house in Singapore?
A: Foreigners buying a property in Singapore do not get permanent residence status (PR), but owning property can be a big help in applying for PR.
Question 12: Can we solve the problem of primary school enrolment by buying a house in Singapore?
A: Owning property is advantageous in applying for government primary schools within 1 kilometer. Applying for international schools is not affected by this.
