It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we see that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty on the figures, then let us take into consideration that property prices in jade scape singapore are up 15.8% since 2004.
It’s not mysterious as to why the Singapore housing 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 precisely the economic growth of which may be fueling the Singapore Real Estate market. It is also new policies within your housing market which are put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able invest in apartments due to certain rules no longer being put within position (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must be a condominium).
The allowance of single people who 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 grown to be 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% by reviewing 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, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. Acquire price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.