It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the sector Jade scape is very promising for buyers. When studying the figures as of 2006, we discover that the private home price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mystery as to why the Singapore housing market is on the increase 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 merely the economic growth in the area fueling the Singapore Real Estate market place. It is also new policies into the housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to obtain apartments due to certain rules no longer being put set up (foreign purchase extended 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 became 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 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices elevated as well. Acquire price of property makes for a stronger Singapore industry market and as long as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they surely cannot be unnoticed.