It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the information mill very promising for buyers. When looking at the 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 you want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not unknown as to why the jade scape 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 market place. It is also new policies into 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 certainly going to be able to obtain apartments due to certain rules no longer being put in place (foreign purchase extended has to meet the criteria of: the building must be over 6 stories high and must be deemed as a condominium).
The allowance of single people who are not 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 is currently 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 the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. Acquire price of property makes for a stronger Singapore industry market and as long as these higher prices continue, same goes with the promises and expectations of property within Singapore. Any doubt the numbers speak for themselves and they definitely cannot be overlooked.