It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we see that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If genuinely 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 2005.
It’s not 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 a perfect economic growth that is fueling the Singapore Real Estate current. It is also new policies within your housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able buy 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 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 makes for 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 its previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, Jade scape the interest on housing in Singapore has increased along with the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they surely cannot be pushed aside.