Singapore Real Estate is Making Promises
It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we see that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mysterious as to why the Singapore real estate market is on the rise 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 merely the economic growth at this point fueling the Singapore Real Estate current. It is also new policies inside of housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able invest in apartments due to certain rules no longer being put in force (foreign purchase extended has to qualify of: the building must be over 6 stories high and Jade scape condo must surely be 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 makes for 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 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 in the past after it acquired its independence, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, so will the promises and high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be unnoticed.
