It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the marketplace is very promising for buyers. When studying the figures as of 2006, we see that the private house price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you 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 2005.
It’s not a mystery 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 just the economic growth that’s fueling the Singapore Real Estate market. It is also new policies into the housing market which have been put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able to get apartments due specific rules no longer being put set up (foreign purchase no longer has to are eligible of: the building must be over 6 stories high and must 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 became 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% 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 creating a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. The higher price of property makes for a stronger Singapore marketplace market and provided that as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. The doubt the numbers speak for Jade scape condo themselves and they possibly cannot be overlooked.