It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we make it a point the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you genuinely want to get in the nitty gritty on the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.

It’s not a mystery as to why the Singapore market is on an upswing 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 that’s fueling the Singapore Real Estate market. It is also new policies inside of housing market which are put into devote 2005. These new policies include:

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

Foreigners are certainly going to be able to purchase apartments due to certain rules no longer being put within position (foreign purchase lengthier 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 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 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, but Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest on housing in jade scape singapore has increased and the housing prices have increased as well. Acquire price of property makes for a stronger Singapore property market and extended as these higher prices continue, same goes with the promises and expectations of industry within Singapore. Without a doubt the numbers speak for themselves and they definitely cannot be erased.