It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we note that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you 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 2002.
It’s not unknown 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 precisely the economic growth in the area fueling the Singapore Real Estate market place. It is also new policies within your housing market were being put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due to certain rules no longer being put in place (foreign purchase lengthier has to meet the criteria of: the building must be over 6 stories high and must be deemed as 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 is currently 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 increased to 92% from its previous 27% as recorded in the early 70s. This is a success story in itself since jade scape singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices elevated as well. Normally price of property makes for a stronger Singapore property market and provided that as these higher prices continue, so will the promises and high expectations of real estate within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.