Singapore Real Estate is Making Promises
It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we make it a point the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get into 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 unknown as to why the Singapore 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 precisely the economic growth in the area fueling the Singapore Real Estate market. It is also new policies inside of housing market which are put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able buy apartments due to certain rules no longer being put in position (foreign purchase no longer has to meet the requirements of: the building must be over 6 stories high and must thought of 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 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, Jade scape Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% by reviewing the previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be erased.