It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we discover that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mystery as to why the Singapore 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 a perfect economic growth that’s fueling the Singapore Real Estate current. It is also new policies inside of housing market which are put into put into 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 specific rules no longer being put within position (foreign purchase lengthier has to meet the requirements of: the building must be over 6 stories high and must thought of condominium).
The allowance of single people who 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 to this commitment and Jade scape condo 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 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and as long as these higher prices continue, same goes with the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be unnoticed.