It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we make it a point the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty for this figures, Jade scape condo then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mystery as to why the Singapore housing 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, it isn’t a perfect economic growth of which may be fueling the Singapore Real Estate current. It is also new policies into the housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due to certain rules no longer being put in position (foreign purchase extended has to meet the criteria 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 has become 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 increased to 92% from the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past 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 and also the housing prices elevated as well. Higher price of property makes for a stronger Singapore property market and provided that as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they without a doubt cannot be overlooked.