It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we discover that the private residential property 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 for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore real estate market is on the growth 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 just the economic growth that’s fueling the jade scape singapore Real Estate niche market. It is also new policies into the housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due to certain rules no longer being put within position (foreign purchase lengthier 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 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 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% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. The higher price of property makes for a stronger Singapore property market and extended as these higher prices continue, same goes with the promises and high expectations of property within Singapore. Without a doubt the numbers speak for themselves and they definitely cannot be forgotten about.