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 exploring the figures as of 2006, we note that the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really 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 the year 2004.
It's not unknown 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 that's fueling the Singapore Real Estate market. It is also new policies through the 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 get apartments due specific rules no longer being put set up (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 for this commitment and cooperation with the Housing and Jade scape condo 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 in the past after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices have increased as well. Acquire price of property makes for a stronger Singapore industry market and so long as these higher prices continue, so will the promises and expectations of real estate within Singapore. Without a doubt the numbers speak for themselves and they possibly cannot be overlooked.