It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the companies are very promising for buyers. When looking at the figures as of 2006, we discover that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty from the figures, Jade scape condo then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not unknown as to why the Singapore housing market is on the growth 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 a perfect economic growth of which may be fueling the Singapore Real Estate market place. It is also new policies within the housing market which were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to purchase apartments due specific rules no longer being put in place (foreign purchase a lot more has to met the criteria of: the building must be over 6 stories high and must be 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 is currently 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 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 in the past after it acquired its independence, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices elevated as well. The higher price of property makes for a stronger Singapore property market and extended as these higher prices continue, so will the promises and high expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be erased.
