It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we discover that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely 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 2004.
It’s not unknown 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 precisely the economic growth that is fueling the Singapore Real Estate current. It is also new policies inside of housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to obtain apartments due specific rules no longer being put set up (foreign purchase no longer has to meet the requirements of: the building must be over 6 stories high and must as being 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 has grown to be a significant goal of the Singapore government. Due for 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% 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, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, Jade scape condo the demand for housing in Singapore has increased and also the housing prices elevated as well. Find price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, same goes with the promises and expectations of property within Singapore. With no doubt the numbers speak for themselves and they surely cannot be erased.