Singapore Real Estate is Making Promises

Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the companies are very promising for buyers. When looking at the figures as of 2006, we discover that the private residential property price index showed a healthy .2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty for this figures, then let us 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 housing 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 a perfect economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies through the housing market which were put into place in 2005. These new policies include:

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

Foreigners are apt to be able to obtain apartments due to certain 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 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 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% looking at the previous 27% as recorded in 1969. 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 require for the housing in Singapore has increased along with the housing prices elevated as well. Normally 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 real estate within Singapore. With no doubt the numbers speak for themselves and Jade scape condo they definitely cannot be unnoticed.