It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we make it a point the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty for this figures, Jade scape condo then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown 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 a perfect economic growth that is fueling the Singapore Real Estate market place. 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 certainly going to be able to obtain apartments due specific rules no longer being put within position (foreign purchase no longer has to qualify of: the building must be over 6 stories high and must surely 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 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% looking at the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices have increased as well. Higher price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, so will the promises and expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they surely cannot be overlooked.