It isn't that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the sector is very promising for buyers. When studying the figures as of 2006, we make it a point the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It's not a mysterious as to why the Singapore housing 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 merely the economic growth that is fueling the Singapore Real Estate market place. It is also new policies inside of housing market which have been put into commit 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 in force (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 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 makes for 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, Jade scape 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 in the past after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices have increased as well. The higher price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, same goes with the promises and high expectations of property within Singapore. Without a doubt the numbers speak for themselves and they most certainly cannot be unnoticed.