It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the sector is very promising for buyers. When looking at the figures as of 2006, we discover that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore 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 merely the economic growth at this point fueling the Singapore Real Estate promote. It is also new policies within the housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to get apartments due to certain rules no longer being put set up (foreign purchase no more has to qualify of: the building must be over 6 stories high and must as being 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 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% looking at the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in jade scape singapore has increased as well as the housing prices have increased as well. Acquire price of property makes for a stronger Singapore property market and provided that as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they surely cannot be pushed aside.