It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we notice that the private home 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 us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not unknown as to why the Singapore real estate 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 precisely the economic growth that is fueling the jade scape singapore Real Estate market. It is also new policies into the housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able buy apartments due to certain rules no longer being put within position (foreign purchase extended has to qualify of: the building must be over 6 stories high and must be a condominium).
The allowance of single people that 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 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 grown to 92% looking at the previous 27% as recorded in 1969. 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 demand for housing in Singapore has increased along with the housing prices have increased as well. The higher price of property makes for a stronger Singapore industry market and as long as these higher prices continue, so will the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be overlooked.