It isn’t that jade scape singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we notice that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really 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 04.
It’s not mysterious 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 place. It is also new policies within the housing market which have been put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to purchase apartments due to certain rules no longer being put in position (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must thought of condominium).
The allowance of single people who are not 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 makes for 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% by reviewing the previous 27% as recorded in the early 70’s. 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 creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. Higher price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, so will the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be overlooked.