It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we notice that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not mysterious as to why the Singapore real estate 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 merely the economic growth that is fueling the Singapore Real Estate market. It is also new policies within your 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 invest in apartments due specific rules no longer being put set up (foreign purchase lengthier has to meet the requirements of: the building must be over 6 stories high and must thought of 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 for this commitment and cooperation with the Housing and Jade scape Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% by reviewing 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 creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices have increased as well. Higher 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 industry within Singapore. Any doubt the numbers speak for themselves and they surely cannot be forgotten about.