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 going through figures as of 2006, we make it a point 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 for this figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown as to why the Singapore real estate market is on an upswing 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 niche market. It is also new policies within the housing market that were put into put into 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to obtain apartments due specific rules no longer being put in position (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must 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 became 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 its previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long 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 elevated as well. Higher price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, same goes with the promises and Jade scape condo expectations of marketplace within Singapore. Without a doubt the numbers speak for themselves and they surely cannot be overlooked.