It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the sector is very promising for buyers. When looking at the figures as of 2006, we make it a point the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not mysterious 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, it isn’t merely the economic growth of which may be fueling the Singapore Real Estate market. It is also new policies inside of housing market which were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to obtain apartments due to certain rules no longer being put in place (foreign purchase no longer has to meet the criteria of: the building must be over 6 stories high and must surely 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 has grown to be a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Jade scape Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% from the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased along with the housing prices elevated 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 high expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they surely cannot be unnoticed.