It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the market is very promising for buyers. When looking at the figures as of 2006, we see that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mysterious as to why the Singapore real estate market is on the rise 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 into the housing market which have been put into put into 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 extended has to are eligible of: the building must be over 6 stories high and must be a 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 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 grown to 92% from the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, Jade scape but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices have increased as well. Acquire price of property makes for a stronger Singapore marketplace market and as long as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be pushed aside.