Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we discover that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you want to get into 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 mystery as to why the Singapore market is on the growth 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 is fueling the Singapore Real Estate market place. It is also new policies through the housing market which are 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 get apartments due to certain rules no longer being put within position (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and must surely be 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 makes for 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 grown to 92% looking at 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 interest in housing in jade scape singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be forgotten about.