It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we discover that the private house price index showed a healthy 7.2% 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 a mystery as to why the Singapore real estate 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 precisely the economic growth at this point fueling the Singapore Real Estate current. It is also new policies inside of housing market that were put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able invest in apartments due specific rules no longer being put in position (foreign purchase lengthier has to qualify of: the building must be over 6 stories high and must as being 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 makes for a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of jade scape singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its previous 27% as recorded in the early 70s. 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 interest on housing in Singapore has increased as well as the housing prices have increased as well. The higher price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and high expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be forgotten about.