It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we discover that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mystery as to why the jade scape 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 within your housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able invest in apartments due specific rules no longer being put set up (foreign purchase a lot more has to met the criteria 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 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% 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 in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, same goes with the promises and expectations of industry within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be erased.