Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the companies are very promising for buyers. When checking out the figures as of 2006, we notice that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.

It’s not a mysterious as to why the Singapore real estate 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 precisely the economic growth of which may be fueling the Singapore Real Estate market place. It is also new policies through the housing market were being put into put into 2005. These new policies include:

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

Foreigners are about to be able buy apartments due specific rules no longer being put in position (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must be deemed as 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 is currently 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% from 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, having said that Singapore real estate is certainly creating a statement.

Upon achieving economic stability, Jade scape condo the call for housing in Singapore has increased as well as the housing prices elevated as well. Find price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, same goes with the promises and expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be pushed aside.