Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the companies are very promising for buyers. When exploring the 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 want to get into the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not unknown as to why the Singapore real estate 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 a perfect economic growth that’s fueling the jade scape singapore Real Estate promote. It is also new policies through the housing market were being put into devote 2005. These new policies include:

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

Foreigners are about to be able invest in apartments due specific rules no longer being put in position (foreign purchase a lot more has to are eligible of: the building must be over 6 stories high and must be 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 has become 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% looking at the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices elevated as well. Higher price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and expectations of property within Singapore. With no doubt the numbers speak for themselves and they surely cannot be pushed aside.