It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we make it a point the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
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 just the economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies through the housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to obtain apartments due specific rules no longer being put in place (foreign purchase extended has to meet the requirements of: the building must be over 6 stories high and Jade scape 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 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 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, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices have increased as well. Find price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they possibly cannot be unnoticed.