It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we notice that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not mysterious as to why the Singapore 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 a perfect economic growth in the area fueling the Singapore Real Estate current. It is also new policies within your housing market were being put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due to certain rules no longer being put within position (foreign purchase no more has to qualify of: the building must be over 6 stories high and must be 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 become 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% by reviewing the previous 27% as recorded in the early 70s. This is a success story in itself since jade scape singapore encountered a housing crisis in the past after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and also the housing prices have increased as well. Higher price of property makes for a stronger Singapore property market and very long as as these higher prices continue, same goes with the promises and expectations of marketplace within Singapore. The doubt the numbers speak for themselves and they definitely cannot be erased.