Can I buy a home in Singapore as a foreigner?
Are you planning to live in Singapore? Have you been looking for the cheapest freehold condo in Singapore? If so, you may have come across several property rental Singapore listing websites. Searching for a home and comparing Singapore condo prices can be easy and exciting to do. However, buying a home can be quite a challenge.
Buying a house in Singapore is not easy for a foreigner. That is unless the foreigner decided to permanently stay in Singapore and applies to become a Singapore permanent resident. In this article, we’ll cover the home ownership options for foreigners.
We’ll also discuss housing options for those applying for Singapore permanent residency.
KEY LEARNINGS & TAKEAWAYS
- Foreigners cannot own a HDB flat.
- However, foreigners can buy a resale of an executive conminium HDB flat that has been built for over 10 years.
- Foreigners cannot buy landing property in Singapore.
- (This is with the exception of those with a special consent from the Singapore Land Authority.)
- Foreigners are only allowed to purchase and own condominiums in Singapore.
Housing & Development Board homes or HDBs are subsidized housing that is open to the public. It is one of the economic homes that a lot of Singaporeans can afford. However, in the case of a foreigner, there are many restrictions.
Overall, foreigners are not allowed to own an HDB. However, there is one exception. Foreigners can buy a resale of an Executive Condominium HDB that has been built for over 10 years. This means that a foreigner cannot buy the EC HDB straight from the developer. They are also not allowed to buy the HDB if it has only been nine years or below since it was built. In addition, they also have to be at least 35 years old to own an HDB. Thus, if you are looking to buy an HDB, it is recommended to look at the older HDB units. However, renting an HDB is less strict for foreigners.
A foreigner, except for Malaysians, can rent any type of HDB for a maximum of 18 months. After that, you can switch to another property rental Singapore HDB. Another option is to find other types of property rental Singapore accommodations elsewhere.
However, in the case of Singapore permanent residents, they are allowed to own a resale EC HDB. That is if the EC HDB is more than five years of age since built. They have the opportunity to own a newer HDB unit compared to a temporary resident foreigner.
In the case of a married foreign couple, different regulations are implemented regarding owning an HDB unit. If only one spouse is a Singapore permanent resident, you are only eligible to own at least a 5-year-old resale EC HDB. If both are Singapore Permanent residents, they are allowed to own any resale HDBs. However, they had to be at least three years in their Singapore permanent resident status. If you are both newly instated, you can settle for property rental Singapore HDBs until the three years are up.
Foreigners are not allowed to buy a landed property in Singapore. However, they are allowed to rent landed property rental Singapore homes. However, there are always a few exceptions with Singapore landed property ownership. There are a few places that allow foreign residency ownership. Usually, those are landed properties that are high class and expensive.
Another option is to get a special consent from the Singapore Land Authority. However, this special consent is given to foreigners who can give enough economic contributions to the country. Therefore, this special consent is not easy to gain.
Unlike landed properties, foreigners can easily own the cheapest freehold condo in Singapore. The Singapore condo price can be a bit pricey. However, you can easily buy a brand new condo the same way you can buy the cheapest freehold condo in Singapore.
Apart from Singapore condo price accommodations, a foreigner can also own apartment units. They can also lease for property rental Singapore apartments. However, buying one is not restricted.
There are three types of condominiums that foreigners can own in Singapore. The first one is condos that have temporary occupation permits. This type is considered the cheapest freehold condo in Singapore. The second one is the condominiums that are in the process of getting a temporary occupation permit.
The last one is the newly launched condominiums. These condos are still in the building process. Some condos might even be in the newly introduced stage. However, in both cases, the management has already opened them for presale and reservations. A foreigner can participate in buying these types of Singapore condo price launchings.
Singapore is very strict when it comes to foreigners owning a residential property. As mentioned, most of the options will require Singapore permanent residency to be able to buy property especially the public ones. Landed properties are even more strict only allowing those that can make big economic contributions. Buying the cheapest freehold condo in Singapore is the easiest option.
However, Singapore is not strict when it comes to buying commercial properties. A foreigner can easily buy a commercial property as long as they can pay the costs. Some foreigners who plan to start a business in Singapore usually buy a commercial property. Then, they allot a space where they can take residency. Once they have earned enough money, they can go search for the cheapest freehold condo in Singapore at a reasonable Singapore condo price.
Find a property rental Singapore home
Buying a house in Singapore is not easy. However, there are no restrictions when it comes to property rental Singapore homes. The most economical option for a foreigner is to stay in property rental Singapore homes. Once they have the means, they can buy the cheapest freehold condo in Singapore at a reasonable Singapore condo price.
Are you looking for some property rental Singapore accommodations? Are you looking for the cheapest freehold condo in Singapore to buy? If so, we can help you here at SRX. We are a reliable property information website in Singapore. You can research for great property rental Singapore homes. Explore our website to see more property information.