Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we make it a point the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 04.

It’s not unknown as to why the Singapore housing 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 market. It is also new policies into the housing market which are put into put into 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 place (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must be a condominium).

The allowance of single people that 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 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 the early 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices elevated as well. The higher price of property makes for a stronger Singapore property market and as long as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and Jade scape condo they definitely cannot be erased.

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