It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we notice that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown 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 merely the economic growth that is fueling the Singapore Real Estate market. It is also new policies through the housing market were being put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to purchase apartments due to certain rules no longer being put within position (foreign purchase no longer 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 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 makes for a significant goal of the jade scape 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 the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices have increased as well. Find price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be forgotten about.