An overview to the real estate market of Singapore

Singapore holds the reputation for numbers of its residents making their names to the list of the millionaires, with a minimum asset portfolio of one million US dollars. It shall be worth to remember that this do not includes the Singapore property. In the year of 2009 the industry in Singapore faced problems that lead to the drop in the cost for the properties. Real estate businesses in Singapore have undergone a kind of change since 2011.  Since then the rise has climbed till 38%, setting a new record after the rates that prevailed during 1996.

The factors that have influenced the rapid growth of the property market in Singapore

One can wonder as what are those factors that have sparked the property market at Singapore to be so lucrative. One of the major reasons is the availability of financing options easily for which even the group of people with lower income brackets can think of going to book their personal properties. Another important factor is the case of ever growing immigrations to the soil of Singapore. People keep coming to Singapore from all the parts of the world, and those who have the fund to own a property there, do not miss out the chance. Economic survey had accounted for about eighteen percent of growth in the market of house for sale in Singapore, by the last quarter of the fiscal year 2012-2013.

Government policies that supported the landed property for sale in Singapore to grow rapidly

The government of Singapore is to be given the credit of doing a tremendous job to make the property market to grow. The government had provisioned for the chances that the percentile spending on the installment to the home loans drops to 36% from the previous mark of 50% of the buyer’s monthly income. This had made the property cost to be affordable. The Singaporean government had equally supported the growth of the market of commercial property for sale by fixing a uniform rate of three percent on all of the resells if made within first thirty six month o purchase. Further, they have triggered interest among the people to go for privately owned properties by announcing a thirty percent of minimum deposit over the homes coming second or at subsequent counts. Last but not the least, the government declaration of a better schedule on release of land made in 2012 had further stimulated the property market in the country to flourish further.

The Singapore government, apart from the measures to support the new launches, had also relaxed the housing policy to some extent. This had resulted to the consequence that properties had become more affordable for the people of Singapore.