It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When looking at 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 want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown as to why the Singapore housing market is on an upswing 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 that’s fueling the Singapore Real Estate niche market. It is also new policies through the housing market were being put into place in 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 within position (foreign purchase lengthier has to meet the criteria 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 makes for 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 its 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 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 have increased as well. Normally price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, Jade scape same goes with the promises and expectations of property within Singapore. Any doubt the numbers speak for themselves and they surely cannot be unnoticed.