It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the sector is very promising for buyers. When studying the figures as of 2006, we see that the private residential property price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If genuinely want to get into the nitty gritty on 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 housing 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 precisely the economic growth of which may be fueling the Singapore Real Estate current. It is also new policies within your housing market which were put into put into 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 in position (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 that 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 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 increased to 92% by reviewing the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, having said that Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also 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, same goes with the promises and expectations of industry within Singapore. Without a doubt the numbers speak for themselves and Jade scape condo they possibly cannot be overlooked.