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

It’s not a mystery 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 in the area fueling the Singapore Real Estate niche market. It is also new policies within your 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 buy apartments due to certain rules no longer being put set up (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 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 became 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 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, obtain Singapore real estate is certainly creating a statement.

Upon achieving economic stability, the require for the housing in Singapore has increased and the housing prices elevated as well. The higher price of property makes for Jade scape a stronger Singapore property market and provided that as these higher prices continue, same goes with the promises and high expectations of industry within Singapore. With no doubt the numbers speak for themselves and they without a doubt cannot be pushed aside.