It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the marketplace is very promising for buyers. When going through figures as of 2006, we make it a point the private residential property 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’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not mysterious as to why the Singapore 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 a perfect economic growth that’s fueling the Singapore Real Estate promote. It is also new policies through the housing market were being put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to purchase apartments due specific rules no longer being put set up (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and must surely be 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 is currently 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 increased to 92% by reviewing the previous 27% as recorded in 1970. 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 making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices have increased as well. Acquire price of property makes for a stronger jade scape singapore marketplace market and extended as these higher prices continue, so will the promises and expectations of marketplace within Singapore. The doubt the numbers speak for themselves and they surely cannot be pushed aside.