It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the companies are very promising for buyers. When looking at the figures as of 2006, we notice that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mystery 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 merely the economic growth that’s fueling the Singapore Real Estate promote. It is also new policies through the housing market that were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put in position (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must be deemed as 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 became a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Jade scape condo Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% by reviewing the previous 27% as recorded in the early 70s. 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 creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they possibly cannot be unnoticed.