It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mystery as to why the Singapore housing 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 merely the economic growth of which may be fueling the Singapore Real Estate promote. It is also new policies within your housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due to certain rules no longer being put set up (foreign purchase no longer has to met the criteria of: the building must be over 6 stories high and must as being a condominium).
The allowance of single people who 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 grown to be a significant goal of the Singapore government. Due to this commitment and Jade scape condo 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% from its previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices have increased as well. Find price of property makes for a stronger Singapore industry market and extended as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Any doubt the numbers speak for themselves and they surely cannot be forgotten about.