It isn't that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the market is very promising for buyers. When studying the 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 genuinely want to get into the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It's not mysterious as to why the Singapore housing 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 promote. It is also new policies within your housing market were being put into devote 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 set up (foreign purchase extended has to qualify 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 is currently 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 70's. This is a success story in itself since jade scape singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the require for the 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 extended as these higher prices continue, so will the promises and expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they definitely cannot be erased.