It isn’t that Singapore real estate is making verbal promises, but if you look at tinier businesses you cannot deny that the sector is very promising for buyers. When exploring the figures as of 2006, we see that the private residential property price index showed a healthy 7.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2004.

It’s not unknown as to why the Singapore housing 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 merely the economic growth in the area fueling the Singapore Real Estate niche market. It is also new policies within your housing market were being put into devote 2005. These new policies include:

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

Foreigners are more likely to be able invest in apartments due specific rules no longer being put in position (foreign purchase lengthier 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 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 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% 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 now 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. Acquire price of property makes for Jade scape a stronger Singapore marketplace market and extended as these higher prices continue, same goes with the promises and high expectations of real estate within Singapore. The doubt the numbers speak for themselves and they surely cannot be pushed aside.