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 going through figures as of 2006, we discover that the private residential property price index showed a healthy 7.2% 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 2004.
It’s not unknown as to why the Singapore housing market is on the rise 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’s fueling the Singapore Real Estate current. It is also new policies within your housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able buy apartments due to certain rules no longer being put in force (foreign purchase extended has to met the criteria 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 has become 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 Jade scape the Central Provident Fund, home ownership has grown to 92% from the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. The higher price of property makes for a stronger Singapore industry market and as long as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they surely cannot be overlooked.