It isn't that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we discover that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty among the figures, then let's take into consideration that property prices in Singapore are up 15.8% since 2002.
It's not unknown 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 just the economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies within your housing market were being put into commit 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able buy apartments due to certain rules no longer being put within position (foreign purchase no more has to meet the requirements 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 became 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 increased to 92% by reviewing 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, Jade scape condo but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices have increased as well. Acquire price of property makes for a stronger Singapore property market and extended as these higher prices continue, so will the promises and high expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.