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 checking out the figures as of 2006, we note that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not 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 the perfect economic growth that’s fueling the Singapore Real Estate market place. It is also new policies inside of housing market that were put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due specific rules no longer being put in place (foreign purchase a lot more has to are eligible of: the building must be over 6 stories high and must as being 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 become a significant goal of the Singapore government. Due for this commitment and Jade scape condo 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 the early 70s. 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 and also the housing prices elevated as well. Find price of property makes for a stronger Singapore industry market and extended as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be unnoticed.