It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we discover that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mysterious as to why the Singapore housing market is on the rise 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 the perfect economic growth of which may be fueling the Singapore Real Estate market place. It is also new policies within your housing market which are put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due specific rules no longer being put within position (foreign purchase extended has to meet the criteria of: the building must be over 6 stories high and must be deemed as a condominium).
The allowance of single people who are not 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 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 the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and Jade scape also the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and provided that 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 surely cannot be pushed aside.