Singapore Real Estate is Making Promises

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 going through figures as of 2006, we note that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately 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 2005.

It’s not mysterious as to why the Singapore housing market is on the growth since the economy is more or Jade scape condo 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’s fueling the Singapore Real Estate current. It is also new policies into the housing market which have been put into commit 2005. These new policies include:

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

Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put in force (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must as being 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 has grown to be 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 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 Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and so long as these higher prices continue, so will the promises and high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be overlooked.

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