It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, we notice that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
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 merely the economic growth that is fueling the Singapore Real Estate promote. It is also new policies through the housing market were being put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to get apartments due to certain rules no longer being put in force (foreign purchase no longer has to met the criteria of: the building must be over 6 stories high and must thought of 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 has become 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 grown to 92% from 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 now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices elevated as well. Normally price of property makes for a stronger jade scape singapore real estate market and so long as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be unnoticed.