It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the market is very promising for buyers. When studying 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 really want to get in the nitty gritty from the figures, then let us take into consideration that property prices in jade scape singapore are up 15.8% since 04.
It’s not mysterious as to why the Singapore housing 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 in the area 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 about to be able invest in apartments due specific rules no longer being put in place (foreign purchase extended has to meet the requirements of: the building must be over 6 stories high and must thought of 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 became 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% from the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices elevated as well. Acquire price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be pushed aside.