It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the marketplace is very promising for buyers. When going through figures as of 2006, we discover that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mysterious 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 a perfect economic growth of which may be fueling the Singapore Real Estate market. 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 prone to be able invest in 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 as being a condominium).
The allowance of single people who aren’t 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 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% from its previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, Jade scape however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices have increased as well. Higher price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be unnoticed.