It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the companies are very promising for buyers. When looking at the figures as of 2006, we notice that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not unknown as to why the Singapore 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 within your 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 to obtain apartments due specific rules no longer being put within position (foreign purchase extended has to meet the requirements of: the building must be over 6 stories high and must as being 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 Jade scape condo Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% by reviewing the 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 making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased as well as the housing prices elevated as well. Acquire price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be unnoticed.