It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the information mill very promising for buyers. When checking out 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 genuinely 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 a mysterious as to why the Singapore real estate 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 the perfect economic growth in the area fueling the Singapore Real Estate market place. It is also new policies through the housing market which were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due specific rules no longer being put in position (foreign purchase lengthier has to meet the criteria 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 makes for 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 grown to 92% from 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 demand for housing in Singapore has increased and also the housing prices elevated as well. Find price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, so will the promises and expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be erased.