It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the sector is very promising for buyers. When looking at the figures as of 2006, we discover that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious 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 just the economic growth at this point fueling the Singapore Real Estate market place. It is also new policies inside of housing market which were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able invest in apartments due specific rules no longer being put in position (foreign purchase lengthier has to qualify of: the building must be over 6 stories high and must surely be a 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 makes for 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 grown to 92% from its previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, Jade scape but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices have increased as well. Find price of property makes for a stronger Singapore industry market and so long as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be pushed aside.