Singapore Real Estate is Making Promises
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 looking at the figures as of 2006, we see that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty of the 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 Singapore housing 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 just the economic growth that’s fueling the Singapore Real Estate promote. It is also new policies within your housing market which are put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able buy apartments due to certain rules no longer being put in place (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 Jade scape 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% from its previous 27% as recorded in 1970. 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 along with the housing prices have increased as well. Find price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they surely cannot be erased.