It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the information mill very promising for buyers. When looking at the figures as of 2006, we see that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the Singapore real estate market is on the growth 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 just the economic growth of which may be fueling the Singapore Real Estate current. It is also new policies inside of housing market were being put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able buy apartments due to certain rules no longer being put in force (foreign purchase lengthier has to are eligible of: the building must be over 6 stories high and must be deemed as 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 is currently 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 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, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for Jade scape housing in Singapore has increased and the housing prices elevated as well. Find price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they definitely cannot be erased.