It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we make it a point the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the Singapore housing 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 precisely the economic growth in the area fueling the Singapore Real Estate current. It is also new policies within the 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 purchase apartments due to certain rules no longer being put set up (foreign purchase no longer 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 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 became a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Jade scape Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% from its previous 27% as recorded in 1970. 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 call for housing in Singapore has increased and the housing prices have increased as well. Acquire price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. The doubt the numbers speak for themselves and they possibly cannot be overlooked.