It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the companies are very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you 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 2005.
It’s not 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 precisely the economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies inside of housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able invest in apartments due to certain rules no longer being put in place (foreign purchase lengthier has to qualify 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, home ownership has increased to 92% by reviewing the previous 27% as recorded in the early 70’s. 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 demand for housing in Singapore has increased along with 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, Jade scape same goes with the promises and high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they surely cannot be erased.