It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the companies are very promising for buyers. When studying the figures as of 2006, we make it a point the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty for this 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 Singapore real estate market is on the increase 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 that’s fueling the Singapore Real Estate current. 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 to obtain apartments due specific 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 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 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 increased to 92% by reviewing the previous 27% as recorded in 1970. 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 creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices elevated as well. Find price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and Jade scape they possibly cannot be erased.