It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the market is very promising for buyers. When checking out the figures as of 2006, we notice that the private house price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty of 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 a perfect economic growth of which may be fueling the Singapore Real Estate niche market. It is also new policies within the housing market which have been 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 to certain rules no longer being put set up (foreign purchase no more 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 is currently 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% by reviewing 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, however now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices have increased as well. Find price of property makes for a stronger Singapore property market and so long as these higher prices continue, so will the promises and expectations of industry within Singapore. Any doubt the numbers speak for Jade scape condo themselves and they possibly cannot be unnoticed.