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Singapore Real Estate is Making Promises

It isn't that Singapore real estate is making verbal promises, but a few look at the numbers you cannot deny that the marketplace is very promising for buyers. When looking at the 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 desperately want to get in the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2004.

It's not mysterious as to why the Singapore market is on the increase 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 the perfect economic growth that is fueling the Singapore Real Estate market. It is also new policies through the housing market which were put into invest 2005. These new policies include:

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

Foreigners are more likely to be able to purchase apartments due to certain rules no longer being put in force (foreign purchase no longer has to meet the requirements of: the building must be over 6 stories high and must be deemed as 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 has become 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 in the past after it acquired its independence, but Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased and also 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 high expectations of property within Singapore. Any doubt the numbers speak for themselves and Jade scape condo they without a doubt cannot be pushed aside.