It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the companies are very promising for buyers. When exploring the figures as of 2006, we discover that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mystery 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 the perfect economic growth of which may be fueling the Singapore Real Estate market. It is also new policies through the housing market that were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to purchase apartments due to certain rules no longer being put set up (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 grown to 92% from its previous 27% as recorded in the early 70s. 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 creating a statement.
Upon achieving economic stability, the interest on housing in jade scape singapore has increased as well as the housing prices elevated as well. Find price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, same goes with the promises and expectations of property within Singapore. Without a doubt the numbers speak for themselves and they most certainly cannot be overlooked.