Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the information mill very promising for buyers. When looking at the figures as of 2006, we notice that the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty among the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.

It’s not mysterious as to why the 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 the perfect economic growth at this point fueling the Singapore Real Estate market place. It is also new policies inside of housing market which have been put into commit 2005. These new policies include:

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

Foreigners are more likely to be able invest in apartments due to certain rules no longer being put in place (foreign purchase extended has to met the criteria 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 Jade scape condo the Central Provident Fund, home ownership has grown to 92% by reviewing the previous 27% as recorded in the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, however now Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased and also the housing prices elevated as well. Find price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, so will the promises and expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they without a doubt cannot be erased.