It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers 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 genuinely 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 the year 2004.
It’s not unknown as to why the Singapore 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 the perfect economic growth that is fueling the Singapore Real Estate current. It is also new policies inside of housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to get apartments due to certain rules no longer being put in force (foreign purchase no longer has to qualify 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 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 increased 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 not long after it acquired its independence, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in 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 so long as these higher prices continue, so will the promises and Jade scape expectations of property within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be unnoticed.