Singapore Real Estate is Making Promises

It isn’t that jade scape singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the marketplace is very promising for buyers. When going through figures as of 2006, we make it a point the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not a mystery as to why the Singapore market is on an upswing 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 that is fueling the Singapore Real Estate current. It is also new policies into the housing market which are put into devote 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are certainly going to be able to obtain apartments due specific rules no longer being put in place (foreign purchase a lot more has to meet the requirements 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 is currently 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 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now Singapore real estate is certainly making a statement.

Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices have increased as well. Acquire price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be erased.