It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the marketplace 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 into the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore real estate 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 precisely the economic growth that’s fueling the Singapore Real Estate niche market. It is also new policies within your housing market were being put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able invest in apartments due to certain rules no longer being put in force (foreign purchase lengthier has to meet the requirements of: the building must be over 6 stories high and must 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 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 grown to 92% from 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, however now Singapore real estate is certainly making 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 so long as these higher prices continue, Jade scape condo same goes with the promises and expectations of property within Singapore. Any doubt the numbers speak for themselves and they most certainly cannot be erased.