It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we see that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mystery 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 merely the economic growth that is fueling the Singapore Real Estate current. It is also new policies inside of housing market which have been 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 purchase apartments due to certain rules no longer being put in place (foreign purchase no longer has to meet the criteria of: the building must be over 6 stories high and must as being 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 became 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% looking at the previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices elevated as well. Acquire price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and expectations of property within jade scape singapore. Any doubt the numbers speak for themselves and they surely cannot be forgotten about.