It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we make it a point the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown 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 merely the economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies through the housing market which are put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to purchase apartments due specific rules no longer being put within 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 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 makes for 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, Jade scape and the Central Provident Fund, home ownership has grown to 92% from 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. The higher price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be overlooked.