It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, we note that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mystery 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 just the economic growth that is fueling the Singapore Real Estate niche market. It is also new policies through the 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 buy apartments due specific rules no longer being put within position (foreign purchase lengthier has to met the criteria 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 makes for a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Jade scape 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 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices elevated as well. Acquire price of property makes for a stronger Singapore industry market and extended as these higher prices continue, so will the promises and expectations of real estate within Singapore. The doubt the numbers speak for themselves and they definitely cannot be unnoticed.