{"id":41658,"date":"2017-01-24T12:24:52","date_gmt":"2017-01-24T05:24:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-prices-in-singapore-now-more-affordable-according-to-study\/"},"modified":"2017-01-24T12:33:49","modified_gmt":"2017-01-24T05:33:49","slug":"home-prices-in-singapore-now-more-affordable-according-to-study","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-prices-in-singapore-now-more-affordable-according-to-study\/","title":{"rendered":"Home prices in Singapore now more affordable, according to study"},"content":{"rendered":"


\nSingapore homes recorded a slight decline in their median price last year, according to the 13th Annual Demographia International Housing Affordability Survey.
\nIn 2016, the home price here was 4.8 times the median annual pretax household income. While this is an improvement from the 5.1 recorded since the study started tracking the city-state in 2013, it cannot be deemed as \u2018affordable\u2019 as that rating requires a multiple of 3.0 and below.
\nNevertheless, Singapore is among the three countries, aside from Japan and Ireland, where there were no \u2018severely unaffordable\u2019 housing markets, with median prices equivalent to 5.1 times the yearly household income or above.
\nAlthough a multiple of 4.8 is considered \u2018seriously unaffordable\u2019 by Demographia, the organisation praised the city-state\u2019s authorities for implementing measures to keep residential prices within the means of the masses despite physical limitations.
\n\u201cSingapore has perhaps the most land constrained geography of any major metropolitan area in the world, occupying a highly developed island, with no mainland periphery within its national jurisdiction. As a result, there is virtually no potential for greenfield development and it is difficult to maintain a competitive supply of land.\u201d
\nDespite this, it has established a publicly sponsored housing program that not only played a role in creating a vibrant market for private residential properties, but it also propelled Singapore\u2019s home ownership rate to 88 percent, the highest in the world. This is a startling contrast 50 years ago, when it was dotted by many squatter settlements, it added.
\nMeanwhile, Hong Kong (18.1) remained as the most expensive housing market for seven straight years, followed by Sydney (12.2) and Vancouver (11.8). On the other hand, the most affordable were Racine in Wisconsin, Michigan\u2019s Bay City and Decatur in Illinois, with the multiple ranging from 1.8 to 1.9.
\nDemographia\u2019s latest survey covers 406 metropolitan housing markets across nine countries, namely Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the UK and the United States, with data as of Q3 2016.
\n\u00a0
\nChristopher Chitty, Senior\u00a0Content Specialist\u00a0at PropertyGuru, edited this story. To contact him about this or other stories, email christopher@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Home prices in Singapore now more affordable, according to study<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore homes recorded a slight decline in their median price last year, according to the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-41658","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aPU","jetpack-related-posts":[{"id":103224,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-housing-prices-seriously-unaffordable-survey\/","url_meta":{"origin":41658,"position":0},"title":"Singapore housing prices seriously unaffordable: survey","date":"January 23, 2019","format":false,"excerpt":"\r The survey results showed that the median house price is 4.6 times the median household income. House prices in Singapore are considered \u201cseriously unaffordable\u201d, with a median multiple of 4.6, which means that the median house price is 4.6 times the city-state\u2019s median household income, according to an annual\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41873,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-has-been-the-worlds-least-affordable-city-for-seven-years-in-a-row\/","url_meta":{"origin":41658,"position":1},"title":"This has been the world\u2019s least affordable city for seven years in a row","date":"January 25, 2017","format":false,"excerpt":"\r A slightly less expensive encore after a record 2015 Hong Kong SAR at night. cozyta\/Shutterstock Hong Kong has topped the 13th edition of Demographia\u2019s annual housing affordability survey, marking seven consecutive years of unbeatable home price to income ratios. It received a \u201cseverely unaffordable\u201d mark from the research house\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70095,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-guru-view-a-look-back-at-affordability\/","url_meta":{"origin":41658,"position":2},"title":"The Guru View: A look back at affordability","date":"October 26, 2017","format":false,"excerpt":"\r Home sellers have been bringing down their asking prices to accommodate buyers\u2019 budgets. While we\u00a0anticipate\u00a0a market recovery in 2018, we need to remember that increases in prices need to be tempered by an understanding of\u00a0home\u00a0buyers\u2019 affordability \u2013 how much individuals\u00a0are able to\u00a0commit to their real estate purchases.\u00a0 By Chang\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/10\/18148502_L-1024x709.jpg?fit=1024%2C709&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":58749,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/get-the-guru-view-saving-on-toast-today-might-not-mean-a-home-later\/","url_meta":{"origin":41658,"position":3},"title":"Get the Guru View: Saving on toast today might not mean a home later","date":"June 23, 2017","format":false,"excerpt":"\r Global housing think tank Demographia has ranked Singapore\u2019s housing market as \u201cSeriously Unaffordable\u201d. Millennials, those born in the early 1980s and later, were recently criticised for not being more prudent in their habits. But in one of the most expensive housing markets in the world, can merely cutting back\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/06\/Guru-View-chart-Fig-1.jpg?fit=871%2C530&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":127552,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-offers-two-new-rehousing-options-for-sers-flat-owners-singapore-private-homes-hdb-resale-prices-up-in-q2-2022-and-more\/","url_meta":{"origin":41658,"position":4},"title":"HDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale prices up in Q2 2022 and more","date":"July 5, 2022","format":false,"excerpt":"\r HDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale prices up in Q2 2022 and more28th June to 4th\u00a0July 2022 The Housing and Development Board (HDB) unveiled two additional rehousing options under the Selective En bloc Redevelopment Scheme (SERS) to provide more choices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/07\/HDB-offers-two-new-rehousing-options-for-SERS-flat-owners-cover-image.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":41578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-the-worlds-priciest-home-market-for-the-seventh-year\/","url_meta":{"origin":41658,"position":5},"title":"Hong Kong the world\u2019s priciest home market for the seventh year","date":"January 23, 2017","format":false,"excerpt":"\r Hong Kong kept its ranking as the world\u2019s least affordable urban centre to buy a home for the seventh year running, in a survey that\u2019s likely to throw a perennial problem back into focus during an election year for the city\u2019s chief executive. The city\u2019s apartments cost 18.1 times\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41658"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=41658"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41658\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=41658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=41658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=41658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}