It isn’t that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we note that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.
It’s not a mysterious as to why the Singapore real estate market is on the rise 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 that’s fueling the Singapore Real Estate current. It is also new policies through the housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more prone to be able invest in apartments due specific rules no longer being put in position (foreign purchase a lot more has to meet the requirements of: the building must be over 6 stories high and must thought of condominium).
The allowance of single people who are not 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% by reviewing the previous 27% as recorded in 1970. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, however now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased as well as the housing prices elevated as well. Higher price of property makes for a stronger Singapore marketplace market and very long as as these higher prices continue, so will the promises and expectations of property within Singapore. The doubt the numbers speak for themselves and Jade scape condo they definitely cannot be forgotten about.