It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the market is very promising for buyers. When going through 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 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 2004.
It’s not unknown as to why the Singapore real estate 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 the perfect economic growth that is fueling the Singapore Real Estate market. It is also new policies through the housing market which are put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to get apartments due specific rules no longer being put in position (foreign purchase no more has to meet the criteria of: the building must be over 6 stories high and must be a condominium).
The allowance of single people who are not 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 Jade scape condo 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, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. Acquire price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, same goes with the promises and expectations of industry within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be unnoticed.