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 notice that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not unknown 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 merely the economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies inside of housing market that were put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due specific rules no longer being put set up (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and Jade scape condo must be deemed as 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 makes for 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 the early 70s. 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 creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and they definitely cannot be pushed aside.