It isn’t that Singapore real estate is making verbal promises, but in case you look at tinier businesses you cannot deny that the marketplace is very promising for buyers. When looking at the figures as of 2006, we note that the private home price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you really want to get in the nitty gritty of the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not a 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 merely the economic growth at this point fueling the Singapore Real Estate current. It is also new policies into the housing market which are put into put into 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 specific rules no longer being put within position (foreign purchase extended has to meet the criteria of: the building must be over 6 stories high and must as being 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 increased to 92% from its previous 27% as recorded in the early 70s. 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 making a statement.
Upon achieving economic stability, the interest in housing in Singapore has increased and the housing prices elevated as well. Find price of property makes for a stronger Singapore real estate market and provided that as these higher prices continue, so will the promises and high expectations of industry within Singapore. With no doubt the numbers speak for Jade scape condo themselves and they definitely cannot be unnoticed.