It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not unknown as to why the Singapore real estate 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 of which may be fueling the Singapore Real Estate niche market. It is also new policies through the housing market which are put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able buy apartments due to certain rules no longer being put within position (foreign purchase extended has to qualify of: the building must be over 6 stories high and must 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 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, having said that Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. Find price of property makes for a stronger Singapore real estate market and Jade scape extended as these higher prices continue, so will the promises and expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be erased.