It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we make it a point the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty of the figures, Jade scape condo then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the Singapore 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 that’s fueling the Singapore Real Estate market. It is also new policies into the housing market that were 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 set up (foreign purchase extended has to qualify of: the building must be over 6 stories high and must as being a condominium).
The allowance of single people who are not 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 Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from 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 require for the housing in Singapore has increased along with 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 expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be overlooked.