It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we note that the private home price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really 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 2005.
It’s not mysterious as to why the Singapore 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, Jade scape it isn’t just the economic growth at this point fueling the Singapore Real Estate promote. It is also new policies within the housing market which have been put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to purchase apartments due to certain rules no longer being put in force (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must be 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 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% looking at 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, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and high expectations of property within Singapore. With no doubt the numbers speak for themselves and they surely cannot be erased.