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 going through figures as of 2006, we see that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mysterious as to why the Singapore market is on the increase 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 the perfect economic growth in the area fueling the Singapore Real Estate promote. It is also new policies within your housing market which have been put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able invest in apartments due to certain rules no longer being put set up (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must surely be 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% from its 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, Jade scape condo but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices elevated as well. Acquire price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, so will the promises and high expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be overlooked.