It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the marketplace is very promising for buyers. When exploring the figures as of 2006, we notice that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty for this figures, Jade scape condo then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a 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 precisely the economic growth that is fueling the Singapore Real Estate market. It is also new policies within the housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due to certain rules no longer being put in position (foreign purchase a lot more 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 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 grown to 92% from its previous 27% as recorded in the early 70’s. 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 creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices elevated as well. Normally price of property makes for a stronger Singapore property market and very long as as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. Without a doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.