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Oct 14

Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the marketplace is very promising for buyers. When checking out the figures as of 2006, we make it a point the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you 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 04.

It’s not unknown as to why the Singapore 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 merely the economic growth at this point fueling the Singapore Real Estate promote. It is also new policies within your housing market that were put into invest 2005. These new policies include:

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

Foreigners are more prone to be able buy apartments due specific rules no longer being put within position (foreign purchase extended has to meet the criteria of: the building must be over 6 stories high and must surely be a 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 has become 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 1970. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, Jade scape obtain Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased and also the housing prices elevated as well. Normally price of property makes for a stronger Singapore property market and extended as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they without a doubt cannot be forgotten about.