It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we make it a point the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mystery as to why the Singapore housing 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 a perfect economic growth at this point fueling the Singapore Real Estate current. It is also new policies through the housing market which were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due specific rules no longer being put in place (foreign purchase no longer has to meet the criteria of: the building must be over 6 stories high and must as being 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 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% looking at 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, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, same goes with the promises and high expectations of marketplace within jade scape singapore. The doubt the numbers speak for themselves and they surely cannot be forgotten about.