It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we make it a point the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
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 a perfect economic growth of which may be fueling the Singapore Real Estate market. It is also new policies through the 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 more prone to be able buy apartments due to certain rules no longer being put within position (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and must surely 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 to 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 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand Jade scape condo for housing in Singapore has increased and the housing prices have increased as well. Find price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.