Singapore is known for its many millionaires who have at least one million dollars in financial assets. It's important to remember this doesn't include properties in Singapore. Singapore's real estate sector has undergone a kind of new launch since 2011. If you recall, the industry was faced with some problems in 2009 which led to a fall in prices, but this has since been picked up. The increase has risen to 38 per cent, which after 1996 level is a new high in history. This has actually led to every new launch in Singapore placing the popular scene of private apartments on sale at a cost of one million US$.
You may ask, what ignited this Singapore property market into being this lucrative one? Well, part of the explanation could be because of the readily available credit access, low interest rates as well as Singapore 's rising economy. Alone in the second quarter of 2012, the economy is estimated to have experienced growth of up to 18 per cent. Other factors may be attributed to the rising number of immigrants coming into Singapore.
Another fascinating fact about Singapore is that home buyers invest on their housing loans just 36 percent of their monthly earnings. In 1997, when real estate in Singapore was considered to be at its height, the rate was 50%. This means the property is affordable in Singapore. Singapore also has government backing. For example, within the first 36 months of purchase, the government has imposed a 3 per cent tax on all re-sales. They have declared a minimum deposit of 30 per cent on the second home. They also have announced an enhanced land release plan for the second half of 2012.
That's not everything the Singapore government is doing to help new launch in Singapore. The government has also loosened some of the housing policies and this has resulted in the most people being able to afford flats in the Design Build and Sell Scheme. People receiving between 8,000 and 10,000 USD are the targets here. In reality, the demand for private homes would decline, and then it will be possible for everyone to afford public property. As for real estate developers, they might also be putting on hold new releases and concentrating on sample sales.
No doubtComputer Technology Papers, the Singapore government's support to the property in Singapore is impressive. In Singapore, it has made real estate a promising industry and, of course, it has the promise of high returns and an inflation protection. And in the future , the Government is promising more assistance.
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