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 exploring the figures as of 2006, we notice that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
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 the perfect economic growth at this point fueling the Singapore Real Estate market place. It is also new policies within your housing market which were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due specific rules no longer being put in place (foreign purchase no longer has to are eligible 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 has grown to be 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 Jade scape condo 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 in the past after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and the housing prices elevated as well. Normally price of property makes for a stronger Singapore industry 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 most certainly cannot be pushed aside.