It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the companies are very promising for buyers. When exploring the figures as of 2006, we make it a point the private house price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not a mysterious as to why the Singapore real estate 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 just the economic growth at this point fueling the Singapore Real Estate current. It is also new policies within the housing market were being put into devote 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able to purchase apartments due to certain rules no longer being put set up (foreign purchase extended has to qualify of: the building must be over 6 stories high and must surely 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 to 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 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices have increased as well. Higher price of property makes for a stronger Singapore real estate market and very long as as these higher prices continue, so will the promises and high expectations of property within Singapore. Any doubt the numbers speak for Jade scape condo themselves and they most certainly cannot be pushed aside.