It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we discover that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty from the figures, Jade scape condo 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 rise 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 is fueling the Singapore Real Estate current. It is also new policies inside of housing market which were put into commit 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 to certain rules no longer being put set up (foreign purchase extended 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 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 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased along with the housing prices have increased as well. Normally price of property makes for a stronger Singapore real estate market and extended as these higher prices continue, same goes with the promises and expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be unnoticed.