It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we make it a point 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 among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore 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 just the economic growth in the area fueling the jade scape singapore Real Estate market. It is also new policies within the housing market which were put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due to certain rules no longer being put within position (foreign purchase no more has to met the criteria of: the building must be over 6 stories high and must be deemed as 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 is currently 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% from its 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 call for housing in Singapore has increased as well as the housing prices elevated as well. Higher price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, so will the promises and expectations of industry within Singapore. The doubt the numbers speak for themselves and they possibly cannot be forgotten about.