Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the companies are very promising for buyers. When looking at the figures as of 2006, we notice that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not a mysterious as to why the Singapore 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 merely the economic growth that’s fueling the Singapore Real Estate market. It is also new policies inside of housing market which were put into put into 2005. These new policies include:

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

Foreigners are certainly going to be able buy apartments due to certain rules no longer being put in position (foreign purchase no more has to meet the criteria of: the building must be over 6 stories high and must surely be a condominium).

The allowance of single people who 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 has grown to be 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 1969. 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 making a statement.

Upon achieving economic stability, the call for housing in Singapore has increased along with the housing prices have increased as well. Higher price of property makes for Jade scape a stronger Singapore property market and as long as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be overlooked.