It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy .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 2004.
It’s not a mystery as to why the Singapore housing 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’s fueling the Singapore Real Estate current. 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 a lot more has to are eligible of: the building must be over 6 stories high and must be deemed as 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 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 not long after it acquired its independence, however 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 marketplace market and extended as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and Jade scape they most certainly cannot be erased.