It isn't that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the market is very promising for buyers. When looking at the figures as of 2006, we note that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.
It's not mysterious as to why the Singapore 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 of which may be fueling the jade scape singapore Real Estate market. It is also new policies within your housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due specific rules no longer being put in position (foreign purchase no more has to are eligible of: the building must be over 6 stories high and must thought of 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 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 in the past after it acquired its independence, obtain Singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices have increased as well. Acquire price of property makes for a stronger Singapore property market and very long as as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be forgotten about.