It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, we notice that the private residential property 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 for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not mysterious as to why the Singapore housing 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 a perfect economic growth at this point fueling the Singapore Real Estate market place. It is also new policies inside of housing market which were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to purchase apartments due specific rules no longer being put set up (foreign purchase no more has to met the criteria of: the building must be over 6 stories high and Jade scape condo must be deemed as 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 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, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% from the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore industry market and so long as these higher prices continue, same goes with the promises and expectations of property within Singapore. Without a doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.