It isn’t that jade scape singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the information mill very promising for buyers. When looking at the figures as of 2006, we discover that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the Singapore housing 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 merely the economic growth at this point fueling the Singapore Real Estate market. It is also new policies within your housing market which were put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able buy apartments due to certain rules no longer being put set up (foreign purchase lengthier has to meet the requirements of: the building must be over 6 stories high and must as being a 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 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% from its 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, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices have increased 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 high expectations of marketplace within Singapore. Without a doubt the numbers speak for themselves and they possibly cannot be overlooked.