It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the companies are very promising for buyers. When checking out the figures as of 2006, we discover that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the Singapore market is on the rise since the economy is more or Jade scape 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 merely the economic growth in the area fueling the Singapore Real Estate market. It is also new policies into the housing market that were 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 to certain rules no longer being put in force (foreign purchase extended has to meet the criteria of: the building must be over 6 stories high and must surely be 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 become 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% from its previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and high expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they surely cannot be pushed aside.