Singapore Real Estate is Making Promises
It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the sector is very promising for buyers. When looking at the figures as of 2006, we notice that the private house 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 of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not unknown as to why the jade scape singapore 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 just the economic growth that is fueling the Singapore Real Estate niche market. It is also new policies within your housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to obtain apartments due to certain rules no longer being put in position (foreign purchase lengthier has to qualify of: the building must be over 6 stories high and must as being 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 makes for 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 its previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past 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 as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and provided that as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they definitely cannot be overlooked.
