It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When exploring the figures as of 2006, Jade scape we notice that the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not mysterious as to why the Singapore housing 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 just the economic growth that’s fueling the Singapore Real Estate promote. It is also new policies within your housing market that were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to purchase apartments due to certain rules no longer being put within position (foreign purchase lengthier has to are eligible 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 makes for 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 the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they most certainly cannot be erased.