It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When exploring the figures as of 2006, we make it a point the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty among the figures, then let’s 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 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 precisely the economic growth that’s fueling the Singapore Real Estate niche market. It is also new policies within your housing market which have been put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able invest in apartments due to certain rules no longer being put in place (foreign purchase lengthier has to met the criteria 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 is currently a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Jade scape Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased as well as the housing prices have increased as well. Higher price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be overlooked.