It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we discover that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty from the figures, then let’s take into consideration that property prices in jade scape singapore are up 15.8% since 2002.
It’s not unknown as to why the Singapore 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 just the economic growth that’s fueling the Singapore Real Estate 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 about to be able buy apartments due to certain rules no longer being put in position (foreign purchase extended has to qualify of: the building must be over 6 stories high and must be deemed as a 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 makes for 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% looking at the 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, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased along with the housing prices elevated as well. Acquire price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and high expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be overlooked.