It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the market is very promising for buyers. When studying the figures as of 2006, we notice that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty for this 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 an upswing 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 at this point fueling the Singapore Real Estate promote. It is also new policies inside of housing market which are put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to get apartments due specific rules no longer being put within position (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and must thought of condominium).
The allowance of single people that 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, Jade scape Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% by reviewing 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, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and high expectations of industry within Singapore. Any doubt the numbers speak for themselves and they definitely cannot be forgotten about.