Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, Jade scape but if you look at the numbers you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we make it a point the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely 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 2002.

It’s not unknown 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 a perfect economic growth that is fueling the Singapore Real Estate niche market. It is also new policies into the housing market which have been put into place in 2005. These new policies include:

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

Foreigners are apt to be able to obtain apartments due specific rules no longer being put set up (foreign purchase lengthier has to qualify of: the building must be over 6 stories high and must as being a condominium).

The allowance of single people who are not 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 increased to 92% looking at 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, however now Singapore real estate is certainly making a statement.

Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. Find price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be erased.

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