It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the market is very promising for buyers. When studying the figures as of 2006, we make it a point the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mysterious as to why the Singapore real estate market is on the increase since the economy is more or less taking it with it. The economy showed a 7.9% gross domestic product growth in 2006 versus the 2005 growth rate of 6.4%. However, it isn’t merely the economic growth that’s fueling the Singapore Real Estate current. It is also new policies through the housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to get apartments due to certain rules no longer being put within position (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must as being a condominium).
The allowance of single people that aren’t related to jointly purchase properties via their Central Provident Fund (social security pension).
Cash down payments are down to 5% from the previous10% on home purchases.
Home ownership has become a significant goal of the Singapore government. Due to this commitment and Jade scape cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% looking at the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and the housing prices elevated as well. Normally price of property makes for a stronger Singapore property market and very long as as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they possibly cannot be overlooked.