Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we see that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you 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 04.

It’s not unknown as to why the Singapore market is on the growth 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 of which may be fueling the Singapore Real Estate market. It is also new policies through the housing market which were put into devote 2005. These new policies include:

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

Foreigners are about to be able invest in apartments due to certain rules no longer being put set up (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must surely be 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 grown to be 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% from its 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, obtain Singapore real estate is certainly making a statement.

Upon achieving economic stability, the demand for housing in Singapore has increased and the housing prices have increased as well. Normally price of property makes for Jade scape condo a stronger Singapore real estate market and extended 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 without a doubt cannot be erased.