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Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the sector is very promising for buyers. When going through figures as of 2006, we discover 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’s take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not a mystery as to why the jade scape 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 a perfect economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies into the housing market were being put into commit 2005. These new policies include:

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

Foreigners are apt to be able buy apartments due to certain rules no longer being put set up (foreign purchase a lot more has to meet the requirements 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 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 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 making a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices have increased as well. Acquire price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.