It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we make it a point the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mysterious as to why the Singapore real estate 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 precisely the economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies inside of housing market which have been put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to get apartments due to certain rules no longer being put within position (foreign purchase no more has to qualify of: the building must be over 6 stories high and must 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 jade scape singapore government. Due for 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 grown to 92% by reviewing 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. Acquire 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 industry within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be erased.