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 information mill very promising for buyers. When going through figures as of 2006, we see that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.
It’s not a mysterious as to why the Singapore market is on the growth 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 of which may be fueling the Singapore Real Estate niche market. It is also new policies within your housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due specific rules no longer being put in place (foreign purchase no more has to meet the criteria of: the building must be over 6 stories high and must surely 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 is currently 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 increased to 92% from its 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices have increased as well. The higher price of property makes for a stronger Singapore marketplace market and as long as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. Without a doubt the numbers speak for Jade scape themselves and they definitely cannot be erased.
