It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we notice that the private house 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 2005.
It’s not mysterious as to why the jade scape singapore market is on an upswing 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’s fueling the Singapore Real Estate market place. It is also new policies within your housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able invest in apartments due specific rules no longer being put set up (foreign purchase no longer has to meet the requirements 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 became a significant goal of the Singapore government. Due for 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 the early 70’s. 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 making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased as well as the housing prices have increased as well. Find price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they most certainly cannot be unnoticed.