It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mysterious as to why the Singapore real estate 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 in the area fueling the Singapore Real Estate current. It is also new policies inside of housing market which have been put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put in position (foreign purchase a lot more has to are eligible of: the building must be over 6 stories high and must surely 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 makes for a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Jade scape condo Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased 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, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices elevated as well. Find price of property makes for a stronger Singapore property 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 without a doubt cannot be unnoticed.