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 studying the figures as of 2006, we make it a point the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not unknown as to why the 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 the perfect economic growth that’s fueling the Singapore Real Estate current. It is also new policies into the housing market that 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 obtain apartments due to certain rules no longer being put in place (foreign purchase a lot more has to meet the requirements 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 has grown to be 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% from the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger jade scape singapore property market and very long as as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be overlooked.