It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When going through figures as of 2006, we see that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately 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 mystery 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 a perfect economic growth that’s fueling the Singapore Real Estate current. 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 about to be able to obtain apartments due to certain rules no longer being put in place (foreign purchase a lot more has to qualify of: Jade scape condo the building must be over 6 stories high and must surely be a condominium).
The allowance of single people who are not 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 increased to 92% from the previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now 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. Higher price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, so will the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be overlooked.