It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we discover that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown as to why the Singapore housing 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 the perfect economic growth that’s fueling the Singapore Real Estate current. It is also new policies within your housing market were being put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able invest in apartments due to certain rules no longer being put in position (foreign purchase lengthier has to met the criteria 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 grown to 92% from its previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that jade scape singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased as well as the housing prices have increased as well. Find 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 property within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be erased.