It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we note that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not 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 a perfect economic growth that is fueling the Singapore Real Estate market. It is also new policies through the housing market which are 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 thought of condominium).
The allowance of single people who are not 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 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 grown to 92% from its previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but jade scape singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices elevated as well. The higher price of property makes for a stronger Singapore property market and provided that as these higher prices continue, so will the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be erased.