Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we make it a point the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not a mysterious as to why the Singapore real estate 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 at this point fueling the Singapore Real Estate promote. It is also new policies within your housing market were being put into devote 2005. These new policies include:

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

Foreigners are about to be able to obtain apartments due to certain rules no longer being put in position (foreign purchase extended has to are eligible of: the building must be over 6 stories high and must be deemed as a 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 to this commitment and cooperation with the Housing and Jade scape condo 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 not long after it acquired its independence, but now Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased along with the housing prices elevated as well. Acquire price of property makes for a stronger Singapore real estate market and so long as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be forgotten about.