It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we notice that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely 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 04.
It’s not a mystery 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 merely the economic growth at this point fueling the Singapore Real Estate market. It is also new policies within your housing market which were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to get apartments due specific rules no longer being put within position (foreign purchase a lot more has to met the criteria of: the building must be over 6 stories high and must be deemed as 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, Jade scape home ownership has grown 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 also the housing prices have increased as well. Normally price of property makes for a stronger Singapore industry market and as long as these higher prices continue, same goes with the promises and high expectations of property within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be forgotten about.