It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, we see that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mysterious 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 were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to obtain apartments due specific rules no longer being put set up (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and must be deemed as 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 became 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% 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, Jade scape condo but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call 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 extended as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be unnoticed.