Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we see that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you genuinely 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 2004.

It’s not unknown as to why the Singapore real estate 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, Jade scape it isn’t the perfect economic growth that is fueling the Singapore Real Estate market place. It is also new policies within the housing market that were put into place in 2005. These new policies include:

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

Foreigners are certainly going to be able invest in apartments due specific rules no longer being put in place (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and must be deemed as 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 makes for 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% looking at the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long 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 and also the housing prices have increased as well. Higher price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, same goes with the promises and high expectations of property within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be pushed aside.

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