It isn’t that Singapore real estate is making verbal promises, but if you 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 residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the jade scape singapore real estate 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 in the area fueling the Singapore Real Estate market. It is also new policies within the housing market which were put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able invest in apartments due specific rules no longer being put set up (foreign purchase lengthier 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 became a significant goal of the 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% from its 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, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore property market and extended as these higher prices continue, same goes with the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be erased.