It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we note that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mystery 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 niche market. It is also new policies into the housing market which are 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 to purchase apartments due specific rules no longer being put in place (foreign purchase no more has to qualify of: Jade scape the building must be over 6 stories high and must thought of 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 has grown to be a significant goal of the Singapore government. Due to 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% by reviewing the 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, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and 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, same goes with the promises and expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they most certainly cannot be unnoticed.