It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the market is very promising for Jade scape condo buyers. When checking out the figures as of 2006, we make it a point the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a 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 the perfect economic growth that is fueling the Singapore Real Estate market. It is also new policies within your housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due specific rules no longer being put in position (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and must thought of 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 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 the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis in the past 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 the housing prices have increased as well. Acquire price of property makes for a stronger Singapore industry market and as long as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they most certainly cannot be overlooked.