It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we make it a point the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If genuinely 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 2005.
It’s not a 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 precisely the economic growth in the area fueling the Singapore Real Estate current. It is also new policies within your housing market were being put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to purchase apartments due specific rules no longer being put in force (foreign purchase no longer has to meet the requirements 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 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 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 the housing prices elevated as well. Acquire price of property makes for a stronger Singapore property market and Jade scape as long as these higher prices continue, same goes with the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be overlooked.