It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the market is very promising for buyers. When looking at the figures as of 2006, we note that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mystery as to why the Singapore housing market is on an upswing 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 merely the economic growth in the area fueling the jade scape singapore Real Estate market. It is also new policies inside of housing market which were put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to get apartments due to certain rules no longer being put in position (foreign purchase a lot more has to are eligible of: the building must be over 6 stories high and must surely be 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 became 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% by reviewing 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, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices have increased 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 industry within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be forgotten about.