Singapore Real Estate is Making Promises
It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the sector is very promising for buyers. When studying the figures as of 2006, we notice that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a 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 just the economic growth at this point fueling the Singapore Real Estate niche market. It is also new policies into the housing market which are put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to get apartments due to certain rules no longer being put in place (foreign purchase no longer has to met the criteria of: the building must be over 6 stories high and must be deemed as 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 became 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 increased to 92% looking at the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices elevated as well. Acquire price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, same goes with the promises and expectations of industry within jade scape singapore. Any doubt the numbers speak for themselves and they most certainly cannot be overlooked.
