It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we discover that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
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 just the economic growth of which may be fueling the Singapore Real Estate market. It is also new policies within the housing market which are put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due specific rules no longer being put in place (foreign purchase lengthier has to qualify 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 became 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 increased to 92% from the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased as well as the housing prices have increased as well. Higher price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and expectations of real estate within Singapore. The doubt the numbers speak for themselves and they surely cannot be erased.