Singapore Real Estate is Making Promises

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 exploring the figures as of 2006, we note that the private home 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 of 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 housing market is on the increase 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’s fueling the jade scape singapore Real Estate promote. It is also new policies into the housing market which have been put into put into 2005. These new policies include:

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

Foreigners are apt to be able invest in apartments due specific rules no longer being put set up (foreign purchase lengthier has to met the criteria of: the building must be over 6 stories high and must as being a 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 became 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 grown to 92% looking at 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 making a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and expectations of property within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.