Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the sector is very promising for buyers. When studying the figures as of 2006, we discover that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not a mystery 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 merely the economic growth at this point fueling the Singapore Real Estate current. It is also new policies through the housing market which were put into place in 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are more prone to be able to get apartments due to certain rules no longer being put in position (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 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 has grown to be a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of jade scape singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices have increased as well. The higher price of property makes for a stronger Singapore industry market and so long as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be erased.

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