It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we discover that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty from the figures, then let us take into consideration that property prices in jade scape singapore are up 15.8% since 04.
It’s not unknown 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 that is fueling the Singapore Real Estate current. It is also new policies within the housing market were being put into put into 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 in force (foreign purchase no longer has to qualify of: the building must be over 6 stories high and must 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 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, however now 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 elevated 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. Without a doubt the numbers speak for themselves and they without a doubt cannot be forgotten about.