It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we see that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you really 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 unknown as to why the Singapore housing market is on an upswing 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, Jade scape condo it isn’t just the economic growth that’s fueling the Singapore Real Estate promote. It is also new policies within the housing market which are put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to purchase apartments due to certain rules no longer being put in position (foreign purchase a lot more 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% from the previous 27% as recorded in the early 70’s. 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 call for housing in Singapore has increased as well as the housing prices have increased as well. The higher price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, so will the promises and expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.