It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we notice that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mystery as to why the Singapore housing market is on the increase 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 in the area fueling the Singapore Real Estate market. It is also new policies inside of 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 in position (foreign purchase lengthier has to met the criteria of: the building must be over 6 stories high and must be deemed as 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 became 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 grown to 92% from the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices have increased as well. The higher price of property makes for a stronger Singapore property market and extended as these higher prices continue, same goes with the promises and expectations of property within Singapore. The doubt the numbers speak for Jade scape themselves and they most certainly cannot be unnoticed.