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 marketplace is very promising for buyers. When going through figures as of 2006, we notice that the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not a mystery as to why the Singapore real estate market is on the rise 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 of which may be fueling the Singapore Real Estate promote. It is also new policies within the housing market which have been put into place in 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 specific rules no longer being put set up (foreign purchase extended has to meet the criteria 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 has grown to be a significant goal of the Singapore government. Due for this commitment and Jade scape condo 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% 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, having said that Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices elevated as well. Find price of property makes for a stronger Singapore property market and as long as these higher prices continue, so will the promises and high expectations of property within Singapore. Any doubt the numbers speak for themselves and they most certainly cannot be erased.