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 note that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.

It’s not a mystery as to why the Singapore real estate market is on an upswing 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 a perfect economic growth that is fueling the Singapore Real Estate market place. It is also new policies into the housing market that were put into invest 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 specific rules no longer being put in place (foreign purchase no longer has to met 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 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, home ownership has grown to 92% looking at the previous 27% as recorded in the early 70’s. This is a success story in itself since jade scape singapore encountered a housing crisis not long after it acquired its independence, having said that Singapore real estate is certainly making a statement.

Upon achieving economic stability, the demand for housing in Singapore has increased and also the housing prices elevated as well. Normally price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they surely cannot be erased.