It isn’t that Singapore real estate is making verbal promises, but when 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 discover that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty on the figures, 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 merely the economic growth at this point fueling the Singapore Real Estate market. It is also new policies within your housing market which have been put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due to certain rules no longer being put set up (foreign purchase extended has to met the criteria 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 is currently 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% looking at the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for Jade scape housing in Singapore has increased and the housing prices elevated as well. Normally price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and high expectations of property within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.