It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we make it a point the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mysterious as to why the Singapore housing market is on the growth 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’s fueling the Singapore Real Estate promote. It is also new policies within the housing market which are put into put into 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 to certain rules no longer being put within position (foreign purchase a lot more has to meet the criteria of: the building must be over 6 stories high and must as being 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 is currently a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of jade scape singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% looking at the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased as well as the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be forgotten about.