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 buyers. When looking at the figures as of 2006, we discover that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you 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 2002.
It's not mysterious as to why the Singapore housing market is on the growth 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 precisely the economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies within your housing market that were put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are certainly going to be able invest in apartments due to certain rules no longer being put within position (foreign purchase no more has to are eligible of: the building must be over 6 stories high and must surely be 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 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% looking at the previous 27% as recorded in the early 70's. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now jade scape singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased along with the housing prices have increased as well. Acquire price of property makes for a stronger Singapore real estate market and extended as these higher prices continue, same goes with the promises and expectations of industry within Singapore. With no doubt the numbers speak for themselves and they most certainly cannot be pushed aside.