It isn’t that jade scape 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 exploring the figures as of 2006, we see that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the Singapore 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 precisely the economic growth at this point fueling the Singapore Real Estate promote. It is also new policies through the housing market that were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able to obtain apartments due specific rules no longer being put set up (foreign purchase no longer has to are eligible 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 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 grown to 92% looking at the previous 27% as recorded in the early 70s. 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 creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, so will the promises and high expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they definitely cannot be pushed aside.