It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the information mill very promising for buyers. When looking at 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 really want to get into the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mysterious as to why the Singapore 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 a perfect economic growth that is fueling the Singapore Real Estate market. It is also new policies inside of housing market were being put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due specific rules no longer being put set up (foreign purchase no longer has to met the criteria of: the building must be over 6 stories high and must surely be 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 grown to be a significant goal of the jade scape 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 grown 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, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore property market and so long as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be forgotten about.