It isn’t that Singapore real estate is making verbal promises, Jade scape condo but in case you look at tinier businesses you cannot deny that the information mill very promising for buyers. When looking at the figures as of 2006, we notice that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely 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 2004.
It’s not a mystery as to why the Singapore real estate 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 precisely the economic growth that is fueling the Singapore Real Estate promote. It is also new policies through the housing market which were 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 get apartments due specific rules no longer being put in position (foreign purchase lengthier has to meet the criteria of: the building must be over 6 stories high and must be 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 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% from 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, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. The higher price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be erased.