It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the marketplace is very promising for buyers. When exploring the figures as of 2006, we notice that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a 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 precisely the economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies inside of housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to get apartments due to certain rules no longer being put set up (foreign purchase lengthier has to qualify 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 makes for 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% from its previous 27% as recorded in 1970. This is a success story in itself since jade scape singapore encountered a housing crisis not long after it acquired its independence, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased along with the housing prices have increased 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 expectations of real estate within Singapore. The doubt the numbers speak for themselves and they definitely cannot be unnoticed.