It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the information mill very promising for buyers. When checking out 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 you want to get in the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mystery as to why the Singapore 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 just the economic growth that is fueling the Singapore Real Estate market place. It is also new policies into the housing market which are put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to get apartments due to certain rules no longer being put in force (foreign purchase no longer has to qualify of: the building must be over 6 stories high and must thought of 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 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 increased to 92% from its previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. Find price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and Jade scape condo high expectations of property within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be forgotten about.