It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the sector is very promising for buyers. When looking at the figures as of 2006, we notice that the private home price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in jade scape singapore are up 15.8% since 04.
It’s not mysterious as to why the Singapore housing 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 a perfect economic growth that’s fueling the Singapore Real Estate promote. It is also new policies within the housing market which have been put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to purchase apartments due specific rules no longer being put in place (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 has grown to be a significant goal of the Singapore government. Due to 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% from the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices have increased as well. Normally price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. The doubt the numbers speak for themselves and they possibly cannot be overlooked.