It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we notice that 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 04.
It’s not a mystery as to why the Singapore 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, Jade scape it isn’t a perfect economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies within the housing market that were put into devote 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 within position (foreign purchase no more has to meet the criteria of: the building must be over 6 stories high and must as being 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 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% 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 in the past after it acquired its independence, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and the housing prices elevated as well. Acquire price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.