It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the sector is very promising for Jade scape condo buyers. When exploring the figures as of 2006, we note that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty for this figures, then let’s 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 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 just the economic growth of which may be fueling the Singapore Real Estate current. It is also new policies into the housing market which are put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able buy apartments due specific rules no longer being put in position (foreign purchase no more 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 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% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be forgotten about.