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 looking at the figures as of 2006, we see that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you desperately 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 the year 2004.
It’s not mysterious as to why the Singapore housing 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 merely the economic growth of which may be fueling the Singapore Real Estate promote. It is also new policies inside of housing market were being put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able buy apartments due to certain rules no longer being put within position (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must be deemed as 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 makes for 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% by reviewing the previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for Jade scape condo housing in Singapore has increased and the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be erased.