It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we make it a point the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mysterious as to why the Singapore 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 just the economic growth in the area fueling the Singapore Real Estate promote. It is also new policies through the housing market that were put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able invest in apartments due specific rules no longer being put in place (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must as being a condominium).
The allowance of single people that 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 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 increased to 92% looking at the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in jade scape singapore has increased as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and provided that as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be erased.