It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we see 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 of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mystery as to why the Singapore real estate 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 a perfect economic growth at this point fueling the Singapore Real Estate market. It is also new policies within the 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 invest in apartments due specific rules no longer being put in position (foreign purchase a lot more has to meet the criteria of: the building must be over 6 stories high and must be deemed as 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 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% from the previous 27% as recorded in the early 70’s. This is a success story in itself since jade scape 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 interest on housing in Singapore has increased and also the housing prices have increased as well. Normally price of property makes for a stronger Singapore industry market and as long as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. The doubt the numbers speak for themselves and they possibly cannot be erased.