Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the companies are very promising for buyers. When going through figures as of 2006, we notice that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not a mysterious as to why the Singapore real estate market is on the rise 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 in the area fueling the Singapore Real Estate current. It is also new policies through the housing market which are put into commit 2005. These new policies include:

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

Foreigners are more prone to be able to purchase apartments due specific rules no longer being put in position (foreign purchase no longer has to meet the requirements of: the building must be over 6 stories high and must as being 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 became 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% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that 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 elevated as well. Find price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, so will the promises and expectations of property within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.