It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the market is very promising for buyers. When studying the figures as of 2006, we make it a point the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mystery as to why the Singapore market is on the growth 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 that’s fueling the Singapore Real Estate market. It is also new policies into the housing market which are put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to get apartments due specific rules no longer being put within position (foreign purchase no longer has to meet the criteria 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 has become 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, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices elevated as well. Find price of property makes for a stronger Singapore real estate market and extended as these higher prices continue, same goes with the promises and Jade scape condo high expectations of industry within Singapore. The doubt the numbers speak for themselves and they surely cannot be unnoticed.