It isn’t that Singapore real estate is making verbal promises, Jade scape but when you look at the numbers you cannot deny that the information mill very promising for buyers. When going through figures as of 2006, we notice that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mystery as to why the Singapore real estate market is on the growth 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 merely the economic growth at this point fueling the Singapore Real Estate promote. It is also new policies within the housing market that were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able invest in apartments due specific rules no longer being put in position (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must surely be a condominium).
The allowance of single people who are not 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 became 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 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices elevated as well. Higher price of property makes for a stronger Singapore industry market and so long as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be unnoticed.