It isn't that Singapore real estate is making verbal promises, but whenever look at the numbers you cannot deny that the information mill very promising for buyers. When exploring the figures as of 2006, we discover that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you desperately want to get in the nitty gritty of the figures, then let's take into consideration that property prices in Singapore are up 15.8% since 2005.
It's not unknown as to why the Singapore 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 of which may be fueling the Singapore Real Estate niche market. It is also new policies within the housing market which have been put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able to get apartments due specific rules no longer being put in force (foreign purchase lengthier has to are eligible of: the building must be over 6 stories high and must as being a 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 became a significant goal of the jade scape 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 grown to 92% from the previous 27% as recorded in 1970. 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 elevated as well. Find price of property makes for a stronger Singapore property market and so long as these higher prices continue, same goes with the promises and expectations of property within Singapore. Any doubt the numbers speak for themselves and they surely cannot be forgotten about.