It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we notice that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not mysterious as to why the Singapore real estate market is on the rise 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 that is fueling the Singapore Real Estate market. It is also new policies into the housing market were being put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due to certain rules no longer being put within position (foreign purchase no longer has to meet the requirements of: the building must be over 6 stories high and must thought of condominium).
The allowance of single people who are not 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 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and Jade scape also the housing prices have increased as well. Find price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.