It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the companies are very promising for buyers. When looking at the figures as of 2006, we see that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a mysterious 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 the perfect economic growth of which may be fueling the Singapore Real Estate niche market. It is also new policies within the housing market which were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to purchase apartments due to certain rules no longer being put in force (foreign purchase lengthier has to met the criteria of: the building must be over 6 stories high and must surely be a condominium).
The allowance of single people who are not 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 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 increased to 92% from its previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices have increased as well. Find price of property makes for a stronger Singapore property market and Jade scape condo so long as these higher prices continue, same goes with the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be erased.
