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 going through figures as of 2006, we see that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore real estate market is on the rise 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 just the economic growth that is fueling the Singapore Real Estate niche market. It is also new policies into the housing market which 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 buy apartments due specific rules no longer being put within position (foreign purchase no more has to met the criteria 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 grown to 92% from its 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 jade scape singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, same goes with the promises and expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.