Despite perceived high prices, 66 percent of Singaporeans still consider property within the city-state to be good ‘value for money’.
Despite the perceived high prices, many Singaporeans remain positive of the local property market, findings from the latest PropertyGuru Consumer Sentiment Survey showed.
This comes as 41 percent of respondents said they were satisfied with Singapore’s real estate climate.
With this, the Sentiment Index increased to 45 points during the second half of 2018 from 39 in the first half of 2018. The index measures current real estate satisfaction, real estate climate, affordability, interest rate situation, property prices and perceived government efforts.
And while 88 percent of respondents believe that property prices are high and 72 percent expect prices to increase over the next six months, 66 percent still consider property within the city-state as not only affordable but also good ‘value for money’.
In fact, 64 percent were able to acquire a home at current prices and within their current incomes, while 27 percent intend to purchase a home in the following year.
“With prices in the private property market starting to see declines from cooling measures, and the HDB resale market remaining flat, buyers are likely to consider entering the market in 2019,” said Jeremy Williams, chief business officer of PropertyGuru Group.
“Furthermore, with at least 40 new launches expected to hit the market this year, private property buyers will have plenty of options to choose from. Despite macroeconomic uncertainties, we see from our sentiment survey that there remains a firm belief in the long-term potential of Singapore’s property market.”
The survey also showed increased intention among respondents to buy a condominium (by 22 percent), mixed-use development (by 32 percent) and landed property (20 percent) within the next six months.
For those looking to upgrade to private property, positive perception increased the highest for executive condominiums (ECs) at six percent.
Meanwhile, the survey also noted a growing trend among millennials of moving out of their parents’ homes earlier.
At least 24 percent of respondents who moved out of their family homes were 27 years of age and below.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org