It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we discover that the private home 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 on 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 real estate 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 current. It is also new policies inside of housing market that were put into put into 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 position (foreign purchase no more has to met the criteria of: the building must be over 6 stories high and must surely be 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 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 grown to 92% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger Singapore property market and extended as these higher prices continue, so will the promises and expectations of property within Singapore. Any doubt the numbers speak for themselves and Jade scape they without a doubt cannot be erased.