It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the companies are very promising for buyers. When studying the figures as of 2006, we see that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mystery 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 the perfect economic growth that is fueling the jade scape singapore Real Estate market. It is also new policies within your housing market were being 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 obtain apartments due to certain rules no longer being put in force (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must be deemed as 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 became 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 increased to 92% by reviewing 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, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices elevated as well. Higher price of property makes for a stronger Singapore property market and provided that as these higher prices continue, so will the promises and expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be pushed aside.