It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the sector is very promising for buyers. When studying the figures as of 2006, we see that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you 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 2002.
It’s not unknown as to why the Singapore housing market is on the growth 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 within your housing market were being put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able buy apartments due to certain rules no longer being put in position (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must be deemed as a 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 become 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 grown to 92% looking at 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 in housing in Singapore has increased as well as the housing prices have increased as well. The higher price of property makes for a stronger Singapore property market and as long as these higher prices continue, so will the promises and expectations of real estate within Singapore. Any doubt the numbers speak for themselves and Jade scape they possibly cannot be unnoticed.