Bruneian laws on the purchase of land and property is very strict and confined only to the local residents of the country. However, in the recent years, even the foreigners have been able to invest in the real estate market in Brunei. Hitherto the non-local buyers could lease a land in Brunei only if they had documented permission from the Head of the State. And that’s definitely a task to do. Hence, in case you are aiming out to buy a land for sale in Brunei, then it is advisable to meet the local dealer, who can make the cut easily.
In view of the recent changes, many property developers across the world are now starting partnerships with the land for sale in Brunei by real estate agents. This is helping the country to effectively market its properties in the nearby countries such as Singapore and Malaysia. Another significant change that took place and impacted the real estate market in Brunei was the conversion of properties purchased through the Power of Attorney and Trust deeds into 60 years lease.
Points to Be Noted:
When you are thinking of purchasing a property in Brunei you must keep a few things in your mind.
- The first thing that you need to look for is the scope of the investment. Land should be purchased in the areas which are high in demand and happening, so that the purchase proofs to be a good investment in future. Areas situated near commercial centres are always the best deal to make the land for sale in Brunei.
- Buying a land requires funds. It has to be noted that a foreigner may not be able to avail a mortgage from the bank in Brunei unless he has been living in the country for many years. And if you are buying a land in Brunei and wish to avail a loan in your home country, it is all the more difficult. Hence, it may be considered to purchase a land in comparatively less expensive areas such that you can purchase the property without any capital borrowings.
- There are various other fees involved in purchasing a land in Brunei. The major cost of legal valuation and property survey which eats up almost one-third of the property cost. The next one is the fee to be paid to the lawyer who would help you to complete the sale for land in Brunei and complete purchase transaction smoothly.
- Rather than you doing the running around, it will be better to opt for the services of an estate agent.