Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the companies are very promising for buyers. When checking out the figures as of 2006, we notice that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not unknown as to why the Singapore housing market is on the increase 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 of which may be fueling the Singapore Real Estate promote. It is also new policies through 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 prone to be able buy apartments due to certain rules no longer being put in place (foreign purchase lengthier 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 became a significant goal of the Singapore government. Due for Jade scape 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% looking at 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, having said that Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices elevated as well. Find price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, same goes with the promises and expectations of property within Singapore. With no doubt the numbers speak for themselves and they surely cannot be erased.

Posted by flanagan