It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we make it a point the private home price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore housing 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 merely the economic growth that’s fueling the Singapore Real Estate promote. It is also new policies within your housing market were being put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to obtain apartments due specific rules no longer being put in force (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and must be deemed as 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 Jade scape condo 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 not long after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be forgotten about.