It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the companies are very promising for Jade scape condo buyers. When studying the figures as of 2006, we note that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not unknown 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 a perfect economic growth that’s fueling the Singapore Real Estate market place. It is also new policies into the housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to obtain apartments due specific rules no longer being put in position (foreign purchase extended has to meet the requirements of: the building must be over 6 stories high and must as being a 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 has become 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 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 interest in housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore marketplace market and as long as these higher prices continue, so will the promises and high expectations of industry within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be unnoticed.