Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we notice that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.

It’s not mysterious as to why the Singapore real estate market is on the increase 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 in the area fueling the Singapore Real Estate market. It is also new policies within your housing market that were put into invest 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are certainly going to be able to obtain apartments due specific rules no longer being put within position (foreign purchase a lot 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 has grown to be a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Jade scape 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 the early 70’s. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, however now Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices elevated as well. The higher price of property makes for a stronger Singapore industry market and as long as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be overlooked.