It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we notice that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you want to get in 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 a mysterious as to why the Singapore housing market is on the increase 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 the perfect economic growth that is fueling the Singapore Real Estate market place. It is also new policies within the 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 buy apartments due to certain rules no longer being put set up (foreign purchase no 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 makes for a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of jade scape singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% looking at 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, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and the housing prices have increased as well. Acquire price of property makes for a stronger Singapore industry market and extended as these higher prices continue, so will the promises and expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be overlooked.