It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the companies are very promising for buyers. When studying the figures as of 2006, we make it a point the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty from the figures, then let’s 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 real estate 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 precisely the economic growth at this point fueling the Singapore Real Estate current. It is also new policies through the housing market that were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able buy apartments due to certain rules no longer being put set up (foreign purchase no more has to met the criteria of: the building must be over 6 stories high and must surely 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 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% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, Jade scape condo same goes with the promises and expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be erased.