It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we make it a point the private house price index showed a healthy 50.2% 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 2002.
It’s not unknown as to why the Singapore real estate 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 is fueling the Singapore Real Estate market place. It is also new policies within your housing market were being put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able invest in apartments due specific rules no longer being put in place (foreign purchase extended has to meet the requirements of: the building must be over 6 stories high and must surely be a condominium).
The allowance of single people who are not 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 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% 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in jade scape singapore has increased and also the housing prices elevated as well. Acquire price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and expectations of real estate within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be forgotten about.