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Oct 14

Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we make it a point the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you really 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 a mystery as to why the jade scape singapore 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 precisely the economic growth that is fueling the Singapore Real Estate niche market. It is also new policies within the housing market which have been put into commit 2005. These new policies include:

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

Foreigners are more likely to be able invest in apartments due to certain rules no longer being put in position (foreign purchase lengthier has to met the criteria of: the building must be over 6 stories high and must be deemed as a condominium).

The allowance of single people who are not 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% looking at the previous 27% as recorded in 1970. 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 on housing in Singapore has increased and also the housing prices elevated as well. Higher price of property makes for a stronger Singapore industry market and extended as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be unnoticed.