Singapore Real Estate is Making Promises
It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the companies are very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not mysterious 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 precisely the economic growth of which may be fueling the Singapore Real Estate niche market. It is also new policies inside of housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due specific rules no longer being put set up (foreign purchase extended has to meet the criteria of: the building must be over 6 stories high and must be deemed as 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 for 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 increased to 92% by reviewing 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, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger jade scape singapore real estate market and extended as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. The doubt the numbers speak for themselves and they possibly cannot be erased.
