It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we see that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not mysterious as to why the Singapore 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 at this point fueling the Singapore Real Estate market place. It is also new policies within the housing market which were put into commit 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 set up (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must surely 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 for this commitment and cooperation with the Housing and Development Board, Jade scape condo Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased 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, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased along with the housing prices elevated as well. Higher price of property makes for a stronger Singapore industry market and as long as these higher prices continue, so will the promises and expectations of marketplace within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be erased.