It isn’t that Singapore real estate is making verbal promises, but if 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 make it a point the private residential property price index showed a healthy 10.2% 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 jade scape singapore are up 15.8% since 2005.
It’s not mysterious as to why the 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 that’s fueling the Singapore Real Estate niche market. It is also new policies inside of housing market which were put into commit 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 position (foreign purchase extended has to met the criteria 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 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% from the 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, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as 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 high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be overlooked.