It isn’t that Singapore real estate is making verbal promises, Jade scape but a few look at the numbers you cannot deny that the market is very promising for buyers. When studying the figures as of 2006, we make it a point the private home 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 for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mysterious as to why the Singapore 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 a perfect economic growth at this point fueling the Singapore Real Estate market place. It is also new policies within your 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 get apartments due specific rules no longer being put in place (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and 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 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 its 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, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased along with the housing prices have increased as well. The higher price of property makes for a stronger Singapore marketplace market and provided that 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 erased.