It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, we see that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mysterious as to why the Singapore housing 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 a perfect economic growth that’s fueling the Singapore Real Estate promote. It is also new policies inside of housing market were being put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due specific rules no longer being put in place (foreign purchase no longer has to qualify 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 is currently a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of jade scape singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% looking at the previous 27% as recorded in 1970. 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 making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and also the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and as long as these higher prices continue, so will the promises and high expectations of property within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be forgotten about.