It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the market is very promising for buyers. When studying the figures as of 2006, we make it a point the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty on 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 the perfect economic growth in the area fueling the Singapore Real Estate promote. It is also new policies within the housing market which are put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to obtain apartments due to certain rules no longer being put in position (foreign purchase extended has to meet the criteria 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 became a significant goal of the Singapore government. Due to this commitment and Jade scape condo 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 demand for housing in Singapore has increased and also 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. The doubt the numbers speak for themselves and they without a doubt cannot be overlooked.