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Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we notice that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not a mystery as to why the Singapore market is on the increase 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 current. It is also new policies into the 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 to certain rules no longer being put in force (foreign purchase no more has to meet the criteria of: Jade scape condo the building must be over 6 stories high and must thought of 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 is currently 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 now Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the interest on housing in Singapore has increased as well as the housing prices elevated as well. Acquire price of property makes for a stronger Singapore real estate market and so long as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they definitely cannot be unnoticed.