It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we see that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty on 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 housing market is on the growth 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 precisely the economic growth that’s fueling the Singapore Real Estate current. It is also new policies within your housing market were being put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due specific rules no longer being put in position (foreign purchase no more has to met 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 became 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% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but jade scape singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices have increased as well. The higher price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Without a doubt the numbers speak for themselves and they definitely cannot be overlooked.