Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the companies are very promising for buyers. When exploring the figures as of 2006, we notice that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely 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 unknown as to why the Singapore housing 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 that is fueling the Singapore Real Estate market. It is also new policies inside of housing market which were put into commit 2005. These new policies include:

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

Foreigners are more prone to be able to get apartments due specific rules no longer being put in place (foreign purchase no longer has to meet the criteria of: the building must be over 6 stories high and must 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 is currently 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% 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, having said that Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. Find price of property makes for a stronger jade scape singapore property market and extended as these higher prices continue, same goes with the promises and expectations of industry within Singapore. Any doubt the numbers speak for themselves and they surely cannot be pushed aside.

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