It isn’t that Singapore real estate is making verbal promises, Jade scape condo but in case you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we make it a point the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mystery 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 a perfect economic growth that’s fueling the Singapore Real Estate market. It is also new policies within the housing market which are put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to get apartments due specific rules no longer being put set up (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and must be deemed as 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 become 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 increased to 92% from 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, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore industry market and extended as these higher prices continue, so will the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be erased.