It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we notice that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not unknown as to why the Singapore 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 just the economic growth that is fueling the Singapore Real Estate promote. It is also new policies inside of housing market which are put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able buy apartments due to certain rules no longer being put in position (foreign purchase a lot more has to meet the requirements 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 grown to be 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% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and Jade scape condo also the housing prices have increased as well. Normally price of property makes for a stronger Singapore real estate market and extended as these higher prices continue, so will the promises and high expectations of property within Singapore. With no doubt the numbers speak for themselves and they surely cannot be erased.