It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we see 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 into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not mysterious as to why the Singapore housing 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 the perfect economic growth of which may be fueling the Singapore Real Estate market. It is also new policies within your housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able invest in apartments due to certain rules no longer being put in force (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must be 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 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 the 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, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices have increased as well. Find price of property makes for a stronger Singapore real estate market and extended as these higher prices continue, Jade scape same goes with the promises and expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they surely cannot be pushed aside.