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 exploring the figures as of 2006, we make it a point the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty on the figures, Jade scape then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a 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 a perfect economic growth at this point fueling the Singapore Real Estate promote. It is also new policies into 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 purchase apartments due specific rules no longer being put in place (foreign purchase lengthier has to met the criteria of: the building must be over 6 stories high and must thought of 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 is currently 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 the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore industry market and extended as these higher prices continue, so will the promises and expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be erased.