It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we make it a point the private home price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown 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 a perfect economic growth of which may be fueling the Singapore Real Estate promote. It is also new policies within your housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able invest in apartments due specific rules no longer being put set up (foreign purchase a lot more has to met the criteria of: the building must be over 6 stories high and must thought of 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 has become 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 increased to 92% by reviewing the 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, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices have increased as well. Normally price of property makes for a stronger Singapore real estate market and Jade scape condo very long as as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be erased.