It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the marketplace is very promising for buyers. When going through figures as of 2006, we make it a point the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mysterious as to why the Singapore housing market is on the increase 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 market. It is also new policies inside of housing market which were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able invest in apartments due specific rules no longer being put in position (foreign purchase lengthier has to qualify 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 grown to be a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of jade scape singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its 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, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices elevated as well. Find price of property makes for a stronger Singapore industry market and so long as these higher prices continue, same goes with the promises and expectations of industry within Singapore. Any doubt the numbers speak for themselves and they most certainly cannot be overlooked.