It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we note that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty for this figures, then let us 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 housing market is on an upswing 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 just the economic growth that is fueling the Singapore Real Estate market place. It is also new policies inside of housing market which are put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to get apartments due specific rules no longer being put set up (foreign purchase lengthier has to met the criteria of: the building must be over 6 stories high and must be deemed as 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 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% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for Jade scape housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be forgotten about.