It isn’t that Singapore real estate is making verbal promises, but a few look at tinier businesses you cannot deny that the information mill very promising for buyers. When checking out the figures as of 2006, we see that the private home price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you genuinely want to get into the nitty gritty of the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since 2005.

It’s not mysterious as to why the Singapore real estate 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 the perfect economic growth that is fueling the Singapore Real Estate promote. It is also new policies through 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 apt to be able to purchase apartments due specific rules no longer being put in position (foreign purchase no more has to are eligible of: the building must be over 6 stories high and must as being 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 is currently 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 the early 70s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, obtain Singapore real estate is certainly creating a statement.

Upon achieving economic stability, Jade scape condo the interest on 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 as long as these higher prices continue, so will the promises and expectations of real estate within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.