It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the market is very promising for buyers. When looking at the figures as of 2006, we note that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not mysterious as to why the Singapore real estate market is on an upswing 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 precisely the economic growth at this point fueling the Singapore Real Estate promote. It is also new policies through the housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to get apartments due specific rules no longer being put set up (foreign purchase no longer has to meet the requirements of: the building must be over 6 stories high and must surely be 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 makes for a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, however now 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. Higher price of property makes for a stronger Singapore real estate market and Jade scape as long as these higher prices continue, same goes with the promises and high expectations of property within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be overlooked.