It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we discover that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not unknown as to why the Singapore housing 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 in the area fueling the Singapore Real Estate niche market. It is also new policies within the housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due specific rules no longer being put in force (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and must thought of 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, Jade scape condo 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, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore industry market and extended as these higher prices continue, so will the promises and high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they definitely cannot be forgotten about.