It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we notice that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a 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 just the economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies inside of housing market which are put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due specific rules no longer being put in position (foreign purchase a lot more has to met the criteria of: the building must be over 6 stories high and must thought of 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 has become 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 1969. 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 making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and as long as these higher prices continue, so will the promises and expectations of property within Singapore. Any doubt the numbers speak for Jade scape themselves and they possibly cannot be pushed aside.