Singapore Real Estate is Making Promises

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

It’s not unknown as to why the Singapore real estate market is on the rise 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 that is fueling the Singapore Real Estate promote. It is also new policies inside of housing market which have been put into invest 2005. These new policies include:

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

Foreigners are about to be able buy apartments due specific rules no longer being put in place (foreign purchase lengthier has to are eligible of: the building must be over 6 stories high and must surely be a condominium).

The allowance of single people that 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 become a significant goal of the Singapore government. Due to 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 grown to 92% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since jade scape singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices elevated as well. The higher price of property makes for a stronger Singapore property market and so long as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they most certainly cannot be forgotten about.