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 information mill very promising for buyers. When checking out the figures as of 2006, we note that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.

It’s not a mysterious as to why the Singapore market is on the growth 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 that is fueling the Singapore Real Estate promote. It is also new policies inside of housing market which have been put into devote 2005. These new policies include:

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

Foreigners are apt to be able buy apartments due specific rules no longer being put within position (foreign purchase no longer has to qualify 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 has become a significant goal of the Singapore government. Due for 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% looking at 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, but Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the interest on housing in Singapore has increased as well as 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, same goes with the promises and Jade scape expectations of property within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be unnoticed.