It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we discover that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty for this figures, then let’s 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 the perfect economic growth of which may be fueling the Singapore Real Estate promote. It is also new policies within your housing market that were put into commit 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 meet the criteria of: the building must be over 6 stories high and must as being 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 is currently 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 increased to 92% from its 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 in housing in Singapore has increased and also the housing prices have increased as well. Higher price of property makes for a stronger Singapore property market and Jade scape condo provided that as these higher prices continue, so will the promises and expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they surely cannot be unnoticed.