It isn’t that Singapore real estate is making verbal promises, but when you look at the numbers you cannot deny that the market is very promising for buyers. When exploring the figures as of 2006, we make it a point the private residential property price index showed a healthy 10.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 04.

It’s not unknown 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 in the area fueling the Singapore Real Estate 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 certainly going to be able to purchase apartments due specific rules no longer being put set up (foreign purchase extended has to qualify of: the building must be over 6 stories high and must as being 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 has grown to be a significant goal of the Singapore government. Due for this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Jade scape condo Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown 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, but now 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. Higher price of property makes for a stronger Singapore industry market and as long as these higher prices continue, same goes with the promises and expectations of real estate within Singapore. Along with no doubt the numbers speak for themselves and they possibly cannot be unnoticed.