Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we see that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not mysterious as to why the jade scape singapore market is on an upswing 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 that is fueling the Singapore Real Estate promote. It is also new policies inside of housing market that were put into commit 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are certainly going to be able buy apartments due to certain rules no longer being put in place (foreign purchase lengthier has to qualify 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 makes for 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 the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and provided that as these higher prices continue, so will the promises and expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be forgotten about.