It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we discover that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely 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 04.
It’s not mysterious as to why the Singapore 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 that’s fueling the Singapore Real Estate market place. It is also new policies through the housing market which were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put in force (foreign purchase no more has to meet 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 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 grown to 92% from its previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased along with the housing prices have increased as well. Normally price of property makes for a stronger jade scape singapore industry market and very long as as these higher prices continue, so will the promises and high expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be overlooked.