It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the market is very promising for Jade scape condo buyers. When studying the figures as of 2006, we see that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not mysterious as to why the Singapore real estate 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 into the housing market which were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to obtain apartments due specific rules no longer being put in force (foreign purchase no more has to meet the requirements 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 for 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 70s. 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 making a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and also the housing prices elevated as well. Normally price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they without a doubt cannot be erased.