It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we see that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely 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 2004.
It’s not unknown as to why the Singapore housing 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 the perfect economic growth in the area fueling the Singapore Real Estate market place. It is also new policies through the housing market which have been put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able buy apartments due specific rules no longer being put in place (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must as being a 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 became 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% looking at 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, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices have increased as well. The higher price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and Jade scape high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be erased.