It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we notice that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty for Jade scape this 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 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, it isn’t the perfect economic growth that’s fueling the Singapore Real Estate market place. It is also new policies into 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 more likely to be able to get apartments due to certain rules no longer being put set up (foreign purchase extended has to meet the criteria of: the building must be over 6 stories high and must be 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 makes for 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 70’s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices have increased as well. The higher price of property makes for a stronger Singapore property market and as long as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Any doubt the numbers speak for themselves and they surely cannot be pushed aside.