It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we make it a point the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not unknown as to why the Singapore 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 precisely the economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies through 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 apt to be able invest in apartments due specific rules no longer being put in place (foreign purchase extended has to met the criteria 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 has become 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 increased to 92% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for Jade scape the housing in Singapore has increased and the housing prices have increased as well. Acquire price of property makes for a stronger Singapore industry market and so 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 definitely cannot be pushed aside.