It isn't that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we notice that the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It's not mysterious as to why the Singapore 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 the perfect economic growth that is fueling the Singapore Real Estate promote. It is also new policies within your housing market which are put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are apt to be able to obtain apartments due to certain rules no longer being put in force (foreign purchase lengthier has to met the criteria 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 became 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 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. Normally price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, Jade scape condo so will the promises and expectations of property within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.