It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the information mill very promising for buyers. When studying the figures as of 2006, we note that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not unknown as to why the Singapore real estate 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 a perfect economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies within the housing market which have been put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to get apartments due to certain rules no longer being put in place (foreign purchase lengthier has to are eligible of: the building must be over 6 stories high and must thought of 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% from its 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, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and the housing prices elevated as well. Acquire price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, so will the promises and expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and Jade scape they without a doubt cannot be forgotten about.