Singapore Real Estate is Making Promises

It isn’t that jade scape singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the sector is very promising for buyers. When checking out the figures as of 2006, we see that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.

It’s not a mysterious 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 current. It is also new policies inside of housing market which were put into invest 2005. These new policies include:

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

Foreigners are more prone to be able invest in apartments due specific rules no longer being put within position (foreign purchase lengthier has to are eligible of: the building must be over 6 stories high and must thought of 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 is currently 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 increased to 92% from the 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 creating a statement.

Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices elevated as well. Higher price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and high expectations of property within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.