It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the information mill very promising for buyers. When looking at 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 you desperately want to get into the nitty gritty of the figures, then let us 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 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 that’s fueling the Singapore Real Estate niche market. It is also new policies inside of housing market were being put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to purchase apartments due specific rules no longer being put within 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 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 is currently a significant goal of the Singapore government. Due for Jade scape 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 increased to 92% by reviewing the 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices have increased as well. The higher price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and high expectations of property within Singapore. Any doubt the numbers speak for themselves and they most certainly cannot be erased.