It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying 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 genuinely want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not mysterious as to why the Singapore housing 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 precisely the economic growth that is fueling the Singapore Real Estate niche market. It is also new policies into the housing market which are put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due specific rules no longer being put set up (foreign purchase no longer 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 has grown to be a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Jade scape condo 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 not long after it acquired its independence, obtain 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 have increased as well. Higher price of property makes for a stronger Singapore marketplace market and as long as these higher prices continue, so will the promises and expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be unnoticed.