It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the market is very promising for buyers. When looking at the figures as of 2006, we discover that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you 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 the year 2004.
It’s not a mysterious as to why the Singapore housing 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, it isn’t a perfect economic growth at this point fueling the Singapore Real Estate market place. It is also new policies through the housing market which were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due specific rules no longer being put in position (foreign purchase a lot more has to meet the criteria of: the building must be over 6 stories high and Jade scape condo 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 grown to be a significant goal of the Singapore government. Due to 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% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices elevated as well. Acquire price of property makes for a stronger Singapore marketplace market and as long as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.