Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but in case 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 notice that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty among the figures, then let us 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 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 that’s fueling the Singapore Real Estate promote. It is also new policies within the housing market which have been put into invest 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 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 as being a condominium).

The allowance of single people who 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 grown to 92% from its previous 27% as recorded in the early 70’s. 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 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 industry within Singapore. Any doubt the numbers speak for Jade scape condo themselves and they surely cannot be overlooked.