It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we notice that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
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 just the economic growth that’s fueling the Singapore Real Estate market place. It is also new policies within your housing market that were 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 within position (foreign purchase no longer has to met the criteria of: the building must be over 6 stories high and must be deemed as a condominium).
The allowance of single people that 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 makes for 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 Jade scape condo the Central Provident Fund, home ownership has grown to 92% from 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, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices elevated as well. Find price of property makes for a stronger Singapore industry market and as long as these higher prices continue, so will the promises and high expectations of property within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be unnoticed.