Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the information mill very promising for buyers. When going through figures as of 2006, we discover that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not a mysterious 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 precisely the economic growth in the area fueling the Singapore Real Estate market place. It is also new policies within your housing market were being put into devote 2005. These new policies include:

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

Foreigners are about to be able to obtain apartments due specific rules no longer being put in force (foreign purchase extended has to are eligible of: Jade scape the building must be over 6 stories high and must be deemed as a condominium).

The allowance of single people who 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 become 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% from its previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased along with the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be overlooked.

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