It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the information mill very promising for buyers. When going through figures as of 2006, we notice that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
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, Jade scape condo it isn’t precisely the economic growth of which may be fueling the Singapore Real Estate promote. It is also new policies inside of housing market which have been put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able buy apartments due specific rules no longer being put within position (foreign purchase no more has to meet the criteria of: the building must be over 6 stories high and must be 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 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 grown to 92% looking at the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past 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 industry market and provided that as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be erased.