It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, Jade scape we note 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 in the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore real estate market is on the rise 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 the perfect economic growth that is fueling the Singapore Real Estate niche market. It is also new policies within the housing market which are put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to purchase apartments due to certain rules no longer being put in force (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 has become 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% from its 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 creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices have increased as well. Find price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and expectations of industry within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be forgotten about.