It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we discover that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not mysterious as to why the Singapore housing 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 a perfect economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies within your housing market which are put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able buy apartments due to certain rules no longer being put in force (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must thought of 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 became a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Jade scape condo Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% looking at the previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger Singapore real estate market and extended as these higher prices continue, same goes with the promises and expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be overlooked.