It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we discover that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not mysterious as to why the Singapore market is on an upswing 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 that’s fueling the Singapore Real Estate niche market. It is also new policies within the housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put in position (foreign purchase no more 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 makes for a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of jade scape singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore property market and as long as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be pushed aside.