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 marketplace is very promising for buyers. When checking out the figures as of 2006, we note that the private home 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 04.

It’s not a mystery 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 merely the economic growth that is fueling the Singapore Real Estate niche market. It is also new policies within the housing market which were put into invest 2005. These new policies include:

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

Foreigners are apt to be able to obtain apartments due to certain rules no longer being put in position (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and must as being a condominium).

The allowance of single people that 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 is currently 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 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 not long after it acquired its independence, Jade scape obtain Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, so will the promises and expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they possibly cannot be overlooked.