It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we notice 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 in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not 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, Jade scape it isn’t merely the economic growth of which may be fueling the Singapore Real Estate market. It is also new policies inside of housing market which were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due to certain rules no longer being put within position (foreign purchase no more has to meet the criteria of: the building must be over 6 stories high and must as being a condominium).
The allowance of single people who 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 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% from the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices have increased as well. The higher price of property makes for a stronger Singapore property market and very long as as these higher prices continue, so will the promises and high expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be erased.