It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the companies are very promising for buyers. When checking out 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 really 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 2002.
It’s not a mysterious as to why the Singapore real estate 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 just the economic growth that’s fueling the Singapore Real Estate market. It is also new policies into the housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to purchase apartments due to certain rules no longer being put in place (foreign purchase lengthier has to qualify of: the building must be over 6 stories high and must as being a condominium).
The allowance of single people that 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 grown to be 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 the early 70s. 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 creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased along with the housing prices have increased as well. Find price of property makes for a stronger Singapore property market and as long as these higher prices continue, Jade scape same goes with the promises and high expectations of property within Singapore. The doubt the numbers speak for themselves and they definitely cannot be overlooked.