It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the companies are very promising for buyers. When checking out the figures as of 2006, we notice that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really 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 2005.
It’s not unknown as to why the Singapore housing market is on the rise since the economy is more or Jade scape condo 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 niche market. It is also new policies within your housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to obtain apartments due specific rules no longer being put in place (foreign purchase a lot more has to qualify 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 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 increased to 92% looking at 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, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices elevated as well. The higher price of property makes for a stronger Singapore property market and so long as these higher prices continue, so will the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and they definitely cannot be forgotten about.