Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the information mill very promising for buyers. When looking at the figures as of 2006, we discover that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not a mystery as to why the Singapore housing 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, it isn’t precisely the economic growth in the area fueling the Singapore Real Estate market place. It is also new policies inside of housing market were being put into devote 2005. These new policies include:

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

Foreigners are apt to be able to purchase apartments due specific rules no longer being put set up (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must thought of 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 is currently 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% looking at the 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, Jade scape however now Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the call for housing in Singapore has increased and also the housing prices elevated as well. Higher price of property makes for a stronger Singapore real estate market and so long as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. The doubt the numbers speak for themselves and they most certainly cannot be overlooked.

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