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 sector is very promising for buyers. When going through figures as of 2006, we see that the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you desperately 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 mysterious as to why the Singapore 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 of which may be fueling the Singapore Real Estate promote. It is also new policies within the housing market which were put into put into 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are about to be able to get apartments due specific 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 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 became a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Jade scape Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% by reviewing 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 Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the demand for housing in Singapore has increased along with the housing prices elevated as well. Find price of property makes for a stronger Singapore marketplace market and so long as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Any doubt the numbers speak for themselves and they without a doubt cannot be erased.

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