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 checking out the figures as of 2006, we note that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty of the figures, Jade scape then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mysterious as to why the Singapore market is on the increase 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 at this point fueling the Singapore Real Estate market. It is also new policies inside of housing market which are put into place in 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 within position (foreign purchase extended has to are eligible 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 is currently 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 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices have increased as well. Higher price of property makes for a stronger Singapore property market and as long as these higher prices continue, so will the promises and high expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be unnoticed.