Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the market is very promising for buyers. When studying the figures as of 2006, we note that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not unknown 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 just the economic growth that’s fueling the Singapore Real Estate niche market. It is also new policies through the housing market were being put into place in 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 in place (foreign purchase lengthier 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 grown to be a significant goal of the jade scape 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 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and high expectations of property within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be erased.