It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the sector is very promising for buyers. When looking at the figures as of 2006, we see that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty on the figures, then let’s 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 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 in the area fueling the Singapore Real Estate niche market. It is also new policies within your housing market which are put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due specific rules no longer being put in position (foreign purchase no more has to qualify of: the building must be over 6 stories high and must 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 is currently 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% 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 making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices elevated as well. Find price of property makes for Jade scape condo a stronger Singapore real estate market and provided that as these higher prices continue, same goes with the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be forgotten about.