It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we discover that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mystery as to why the Singapore 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 market place. It is also new policies within your 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 apt to be able invest in apartments due to certain rules no longer being put in position (foreign purchase extended has to meet the requirements of: the building must be over 6 stories high and must thought of 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, Jade scape 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, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger Singapore industry market and extended as these higher prices continue, so will the promises and high expectations of industry within Singapore. The doubt the numbers speak for themselves and they definitely cannot be erased.