Singapore Real Estate is Making Promises
It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the sector is very promising for buyers. When studying the figures as of 2006, we notice that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.
It’s not a mystery 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 market. It is also new policies through the housing market which have been put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due specific rules no longer being put set up (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and must be deemed as 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 became a significant goal of the Singapore government. Due for 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% from its previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased along with the housing prices have increased as well. The higher price of property makes for a stronger Singapore property market and Jade scape condo extended as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they definitely cannot be pushed aside.
