It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the marketplace is very promising for buyers. When exploring the figures as of 2006, we see that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mystery as to why the Singapore 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 that is fueling the Singapore Real Estate promote. It is also new policies within your housing market which are put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to obtain apartments due specific rules no longer being put in position (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must surely be 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 makes for a significant goal of the Singapore government. Due for this commitment and Jade scape condo 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 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices have increased as well. Normally price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, same goes with the promises and expectations of industry within Singapore. Any doubt the numbers speak for themselves and they most certainly cannot be unnoticed.