It isn't that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we make it a point the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you desperately want to get into the nitty gritty for this figures, then let's take into consideration that property prices in Singapore are up 15.8% since 2002.
It's not unknown as to why the Singapore 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 of which may be 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 apt to be able invest in apartments due to certain rules no longer being put in place (foreign purchase no longer has to met 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 became a significant goal of the Singapore government. Due for 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% looking at the previous 27% as recorded in the early 70's. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, having said that jade scape singapore real estate is certainly making a statement.
Upon achieving economic stability, the call for housing in Singapore has increased and the housing prices have increased as well. The higher 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. Any doubt the numbers speak for themselves and they surely cannot be pushed aside.