It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the companies are very promising for buyers. When looking at the figures as of 2006, we notice that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in jade scape singapore are up 15.8% since 2005.
It’s not unknown as to why the Singapore real estate 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 the perfect economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies into the housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to purchase apartments due to certain rules no longer being put set up (foreign purchase no more has to qualify 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 makes for 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 70s. 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 making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices have increased as well. Higher price of property makes for a stronger Singapore industry market and very long as as these higher prices continue, so will the promises and high expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they most certainly cannot be overlooked.