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 exploring the figures as of 2006, we see that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in jade scape singapore are up 15.8% since the year 2004.
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 precisely the economic growth of which may be fueling the Singapore Real Estate promote. It is also new policies inside of housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able invest in apartments due to certain rules no longer being put within position (foreign purchase lengthier has to are eligible 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 makes for a significant goal of the Singapore government. Due to 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, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. Normally price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, so will the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.