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 studying the figures as of 2006, we note that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mysterious as to why the Singapore housing 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 just the economic growth at this point fueling the Singapore Real Estate current. It is also new policies inside of 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 invest in apartments due to certain rules no longer being put set up (foreign purchase no longer has to meet the requirements of: the building must be over 6 stories high and must be deemed as a condominium).
The allowance of single people that 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 grown to 92% from its previous 27% as recorded in 1970. This is a success story in itself since jade scape singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices elevated as well. Acquire price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be pushed aside.