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 going through figures as of 2006, we note that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown as to why the jade scape 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 the perfect economic growth of which may be fueling the Singapore Real Estate market. It is also new policies through 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 more prone to be able to obtain apartments due to certain rules no longer being put in place (foreign purchase extended has to met the criteria of: the building must be over 6 stories high and must thought of 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 has grown to be 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% looking at the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. Higher price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Any doubt the numbers speak for themselves and they definitely cannot be forgotten about.