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 studying the figures as of 2006, we make it a point the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you 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 a mysterious as to why the Singapore market is on the rise 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 the perfect economic growth in the area fueling the Singapore Real Estate current. It is also new policies through the housing market which have been put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able buy apartments due to certain rules no longer being put in position (foreign purchase no longer has to meet the criteria of: the building must be over 6 stories high and must as being a condominium).
The allowance of single people who 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 increased to 92% by reviewing the previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for Jade scape the housing in Singapore has increased as well as the housing prices elevated as well. Find price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, same goes with the promises and expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.