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 information mill very promising for buyers. When studying the figures as of 2006, we note that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you want to get in the nitty gritty for this figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2002.

It’s not unknown as to why the Singapore housing market is on the rise 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 precisely the economic growth that is fueling the Singapore Real Estate market. It is also new policies inside of housing market that were put into devote 2005. These new policies include:

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

Foreigners are more likely to be able to get apartments due to certain rules no longer being put in place (foreign purchase no more has to meet the criteria 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 grown to be 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% from its 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, having said that Singapore real estate is certainly making a statement.

Upon achieving economic stability, the demand for housing in Singapore has increased and the housing prices elevated as well. Normally price of property makes for a stronger Singapore industry market and provided that as these higher prices continue, so will the promises and expectations of marketplace within Singapore. Without a doubt the numbers speak for Jade scape condo themselves and they possibly cannot be forgotten about.