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 discover that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mysterious as to why the Singapore real estate market is on the increase 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 merely the economic growth that is fueling the Singapore Real Estate promote. It is also new policies into the housing market which are put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able invest in apartments due to certain rules no longer being put in place (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must thought of 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 makes for 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% 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, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore marketplace market and Jade scape very long as as these higher prices continue, so will the promises and high expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be unnoticed.