Uncategorized

Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we notice that the private residential property 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 on the 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 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 precisely the economic growth at this point fueling the Singapore Real Estate promote. It is also new policies within the housing market which are put into commit 2005. These new policies include:

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

Foreigners are about to be able to get apartments due to certain rules no longer being put within position (foreign purchase lengthier 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, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% from the previous 27% as recorded in the early 70’s. This is a success story in itself since jade scape 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 call for housing in Singapore has increased along with the housing prices elevated as well. Acquire price of property makes for a stronger Singapore real estate market and extended as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be forgotten about.