It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we note that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If you 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 2004.
It’s not a mystery 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 just the economic growth at this point fueling the Singapore Real Estate market place. It is also new policies inside of housing market which are put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to get apartments due specific rules no longer being put in force (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must 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 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, Jade scape condo Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased along with the housing prices have increased as well. Normally price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, same goes with the promises and expectations of industry within Singapore. Any doubt the numbers speak for themselves and they most certainly cannot be erased.