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Singapore Real Estate is Making Promises

It isn't that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the marketplace 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 50.2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty among the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.

It's not mysterious as to why the Singapore housing market is on an upswing 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 at this point fueling the Singapore Real Estate current. It is also new policies within the housing market which have been put into put into 2005. These new policies include:

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

Foreigners are about to be able invest in apartments due to certain rules no longer being put set up (foreign purchase extended has to met the criteria of: the building must be over 6 stories high and must be 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 is currently a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Jade scape 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, the demand for housing in Singapore has increased as well as the housing prices have increased as well. The higher price of property makes for a stronger Singapore industry market and as long as these higher prices continue, so will the promises and high expectations of real estate within Singapore. Any doubt the numbers speak for themselves and they possibly cannot be forgotten about.