Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the information mill very promising for buyers. When looking at the figures as of 2006, we discover that the private home 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 from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not unknown 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 a perfect economic growth that’s fueling the Singapore Real Estate niche market. It is also new policies through the housing market which are put into place in 2005. These new policies include:

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

Foreigners are certainly going to be able invest in apartments due to certain rules no longer being put set up (foreign purchase no more has to meet the criteria 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 grown to be 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 increased to 92% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, having said that Singapore real estate is certainly making a statement.

Upon achieving economic stability, the call for Jade scape housing in Singapore has increased and the housing prices have increased as well. Acquire price of property makes for a stronger Singapore industry market and extended as these higher prices continue, so will the promises and high expectations of property within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be pushed aside.