It isn't that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we note that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.
It's not a mystery as to why the Singapore 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 the perfect economic growth of which may be fueling the Singapore Real Estate market. It is also new policies through the housing market were being 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 purchase apartments due specific rules no longer being put in force (foreign purchase lengthier has to met the criteria of: the building must be over 6 stories high and must thought of 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 become 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% from 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and the housing prices have increased as well. Higher price of property makes for a stronger jade scape singapore marketplace market and as long as these higher prices continue, same goes with the promises and expectations of industry within Singapore. The doubt the numbers speak for themselves and they without a doubt cannot be overlooked.