Singapore Real Estate is Making Promises

It isn’t that jade scape singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we discover that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not a mysterious as to why the Singapore real estate market is on the rise 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 is fueling the Singapore Real Estate market place. It is also new policies within the housing market that were put into place in 2005. These new policies include:

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

Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put in position (foreign purchase no more has to are eligible of: the building must be over 6 stories high and must surely be a 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 became a significant goal of the Singapore government. Due for 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 not long after it acquired its independence, having said that Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. The higher price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, so will the promises and expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be overlooked.