It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we note that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty from the figures, then let us take into consideration that property prices in jade scape singapore are up 15.8% since 04.
It’s not mysterious 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 just the economic growth at this point fueling the Singapore Real Estate current. It is also new policies into the housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able buy apartments due to certain rules no longer being put set up (foreign purchase no longer has to met the criteria 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 Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% from 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, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and so long as these higher prices continue, same goes with the promises and high expectations of property within Singapore. Any doubt the numbers speak for themselves and they definitely cannot be unnoticed.