It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we notice that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mysterious as to why the Singapore real estate 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 precisely the economic growth at this point fueling the Singapore Real Estate current. It is also new policies inside of housing market which are put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due to certain rules no longer being put in position (foreign purchase no longer has to qualify of: Jade scape condo 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 has become 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, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Without a doubt the numbers speak for themselves and they most certainly cannot be forgotten about.