Some might think that Singapore only makes verbal promises; however, if one is to focus on its market, everything will start to make sense for sure. Indeed, as you pay attention on the figures way back in the year 2006, it embodies the fact that there is a healthy increase of 10.2% in the private residential property price index of the country. This is an increment of almost 3.9% from 2015 and that was only a decade ago. What more now?
Needless to say, it is not a secret nor a mystery why the industry of real estate in Singapore prospers. Definitely, thetapestrycdl.sg can attest to this. Regardless of the given fact, it should not be forgotten that it is not only the economic growth rate of the country that fuels its real estate market. The same is also true with the policies which govern their housing market ever since the year 2005. What are these policies?
Policies of Singapore Real Estate Everyone Must Know
- There is an increase from 80% to 90% when it comes to loan-to-value.
- Foreigners are given the chance to buy apartments and properties because there are rules which are being put into place right now. This means that foreign purchase does not mean the building of over 5-storey condominium in order to be granted.
- There is already an allowance for a single person who for instance who is not related but would want to buy properties. This transpires because of the social security pension termed as Central Provident Fund.
- Cash down payments are not that high. They are only 5% of the previous purchase of home. This gives many the opportunity to own a home from themselves.
Home ownership has turned out to be a relevant part of the goals of Singapore’s government. There really is commitment and cooperation they vowed in the mentioned industry. This is evident on their Monetary Authority of Singapore, Housing and Development Board, Central Provident Fund and Urban Redevelopment Board. The increase of 92% from the previous 27% in 1970 really says a lot about the transformation that the Singapore real estate industry has gone through.
The success story of Singapore is commendable considering that it has really experienced housing crisis not so long ago when it acquired its independence. Today, the statement made by the real estate market of SG cannot just be ignored. It really is deafening.
Upon its achievement of economic stability affects the demand for housing in Singapore. They are somehow directly proportional to each other. The higher the price of the property, the stronger it becomes. And it continues to be like that which also hypes the expectations of many, be it residents or foreigners.
For those who seek to be a part of this abundant industry, they should exert effort to understand how it works. By working with the right people, this becomes feasible and simpler. Start looking for professional real estate agents now and know the difference. This is going to be the best for sure!