Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When exploring the figures as of 2006, we see that the private house price index showed a healthy 17.2% 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 the year 2004.

It’s not mysterious 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 merely the economic growth in the area fueling the Singapore Real Estate promote. It is also new policies inside of housing market were being put into devote 2005. These new policies include:

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

Foreigners are more prone to be able to obtain apartments due to certain rules no longer being put in place (foreign purchase no more has to meet the requirements of: the building must be over 6 stories high and must surely 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 makes for 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 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, but Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the call for housing in Singapore has increased along with the housing prices have increased as well. Find price of property makes for a stronger Singapore real estate market and as long as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. Without a doubt the numbers speak for Jade scape condo themselves and they without a doubt cannot be pushed aside.

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