It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the information mill very promising for buyers. When going through figures as of 2006, we make it a point the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mystery as to why the Singapore real estate market is on the increase 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 of which may be fueling the Singapore Real Estate market place. It is also new policies through the housing market were being put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to obtain apartments due to certain rules no longer being put in force (foreign purchase lengthier has to met the criteria of: Jade scape condo 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 makes for 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 increased to 92% from its 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, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices have increased as well. The higher price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, same goes with the promises and expectations of property within Singapore. With no doubt the numbers speak for themselves and they surely cannot be forgotten about.