It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the sector is very promising for buyers. When looking at the figures as of 2006, we see 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 in the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
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 the perfect economic growth in the area fueling the Singapore Real Estate current. It is also new policies into the housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due specific rules no longer being put in position (foreign purchase extended has to meet the criteria of: Jade scape the building must be over 6 stories high and must thought of condominium).
The allowance of single people who are not 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 grown to be 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% looking at the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long 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. Normally price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they possibly cannot be overlooked.