It isn’t that Singapore real estate is making verbal promises, Jade scape but if you look at the numbers you cannot deny that the sector is very promising for buyers. When studying the figures as of 2006, we make it a point the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not unknown 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 the perfect economic growth of which may be fueling the Singapore Real Estate market. It is also new policies through the housing market which are put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to get apartments due specific rules no longer being put in force (foreign purchase lengthier has to qualify of: the building must be over 6 stories high and must surely 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 has become 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% from the previous 27% as recorded in the early 70’s. 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 call for housing in Singapore has increased along with the housing prices have increased as well. Higher price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Any doubt the numbers speak for themselves and they surely cannot be erased.