It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we discover that the private home price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious 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, Jade scape condo it isn’t just the economic growth that’s fueling the Singapore Real Estate niche market. It is also new policies into the housing market which have been put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to purchase apartments due specific rules no longer being put within position (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must be deemed as 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% looking at the previous 27% as recorded in 1970. 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 making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices elevated as well. Normally price of property makes for a stronger Singapore property market and so long as these higher prices continue, same goes with the promises and expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be unnoticed.