It isn't that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we note that the private home price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you really want to get into 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 unknown as to why the Singapore real estate 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 just the economic growth in the area fueling the Singapore Real Estate current. It is also new policies inside of housing market that 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 longer has to qualify of: the building must be over 6 stories high and must as being 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 is currently 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 grown to 92% from its previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the call for housing in Singapore has increased as well as the housing prices have increased as well. Normally price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, so will the promises and high expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they definitely cannot be forgotten about.