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 sector is very promising for buyers. When going through figures as of 2006, Jade scape we note that the private home price index showed a healthy .2% increase over its 3.9% increase from 2005. If you 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 2005.

It’s not a mysterious as to why the Singapore real estate 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 precisely the economic growth that’s fueling the Singapore Real Estate current. It is also new policies into the housing market which were put into invest 2005. These new policies include:

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

Foreigners are more prone to be able to obtain apartments due to certain rules no longer being put in place (foreign purchase a lot more has to met the criteria 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 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% from its previous 27% as recorded in the early 70s. 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 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 marketplace market and as long as these higher prices continue, same goes with the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they surely cannot be overlooked.