It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you really 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 2005.
It’s not a mystery as to why the Singapore housing 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 merely the economic growth of which may be fueling the Singapore Real Estate current. It is also new policies within your housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to get apartments due to certain rules no longer being put set up (foreign purchase no more has to met the criteria of: the building must be over 6 stories high and must thought of 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 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, Jade scape condo home ownership has increased to 92% by reviewing 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 making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. Higher price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. The doubt the numbers speak for themselves and they definitely cannot be erased.