It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the companies are very promising for Jade scape condo buyers. When exploring the figures as of 2006, we make it a point the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mystery as to why the Singapore housing market is on the rise 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 current. It is also new policies into the housing market which are put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to get apartments due to certain rules no longer being put within position (foreign purchase lengthier has to meet the criteria of: the building must be over 6 stories high and must thought of 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 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% looking at the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices elevated as well. Higher price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, so will the promises and expectations of property within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be unnoticed.