Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we make it a point the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty of the figures, then let’s take into consideration that property prices in jade scape singapore are up 15.8% since 2004.

It’s not a mysterious 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 the perfect economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies inside of housing market were being put into place in 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are apt to be able to get apartments due specific rules no longer being put within position (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must thought of condominium).

The allowance of single people who are not 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% by reviewing 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, however now Singapore real estate is certainly making a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices elevated as well. Higher price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, same goes with the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be pushed aside.