It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the companies are very promising for buyers. When exploring the 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 want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not unknown as to why the Singapore real estate 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 of which may be fueling the Singapore Real Estate current. It is also new policies within the housing market that were 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 extended has to meet the criteria 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 is currently 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 grown 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, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices have increased as well. The higher price of property makes for a stronger Singapore industry market and Jade scape extended as these higher prices continue, so will the promises and expectations of property within Singapore. Without a doubt the numbers speak for themselves and they possibly cannot be erased.