It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we make it a point the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious 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 the perfect economic growth that is fueling the Singapore Real Estate promote. It is also new policies inside of housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due specific rules no longer being put in place (foreign purchase extended 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 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 is currently 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% looking at 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 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 a stronger Singapore industry market and as long as these higher prices continue, so will the promises and expectations of industry within jade scape singapore. With no doubt the numbers speak for themselves and they most certainly cannot be unnoticed.