It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not mysterious as to why the Singapore housing 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 just the economic growth at this point fueling the Singapore Real Estate market. It is also new policies through the housing market which are put into invest 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 specific rules no longer being put in force (foreign purchase extended has to met the criteria of: the building must be over 6 stories high and must as being 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 to this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and Jade scape the Central Provident Fund, home ownership has grown to 92% from the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased as well as the housing prices elevated as well. Higher price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be erased.