It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, we notice that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mystery as to why the Singapore 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 the perfect economic growth of which may be fueling the Singapore Real Estate market place. It is also new policies within your housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able invest in apartments due to certain rules no longer being put in force (foreign purchase lengthier has to are eligible of: the building must be over 6 stories high and must as being 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 has grown to be a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Jade scape 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 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. Acquire price of property makes for a stronger Singapore property market and so long as these higher prices continue, same goes with the promises and expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be erased.