It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the companies are very promising for buyers. When checking out the figures as of 2006, we see that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you 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 2004.
It’s not unknown as to why the Singapore 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 the perfect economic growth that is fueling the Singapore Real Estate current. It is also new policies within the housing market which were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due to certain rules no longer being put set up (foreign purchase extended has to are eligible 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 became 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 Jade scape condo the Central Provident Fund, home ownership has increased 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 not long after it acquired its independence, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices have increased as well. Acquire price of property makes for a stronger Singapore property market and extended as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they surely cannot be unnoticed.