It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we note that the private home 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 of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mystery as to why the Singapore market is on the growth 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 in the area fueling the Singapore Real Estate niche market. It is also new policies inside of housing market which have been put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due to certain rules no longer being put in force (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must as being 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 has grown to be 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% by reviewing the 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 creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger Singapore marketplace market and Jade scape extended as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Any doubt the numbers speak for themselves and they surely cannot be pushed aside.