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 looking at the figures as of 2006, we note that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you 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 unknown as to why the Singapore 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 merely the economic growth that’s fueling the jade scape singapore Real Estate current. It is also new policies through the housing market which were put into commit 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are more prone to be able invest in apartments due to certain rules no longer being put set up (foreign purchase a lot more has to qualify 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 has become 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 increased to 92% from its previous 27% as recorded in 1970. 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 interest in housing in Singapore has increased and the housing prices have increased as well. Find price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and high expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be erased.