{"id":95321,"date":"2018-08-03T11:20:12","date_gmt":"2018-08-03T04:20:12","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/88-of-singaporeans-unhappy-over-high-property-prices-propertyguru\/"},"modified":"2018-08-03T12:02:53","modified_gmt":"2018-08-03T05:02:53","slug":"88-of-singaporeans-unhappy-over-high-property-prices-propertyguru","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/88-of-singaporeans-unhappy-over-high-property-prices-propertyguru\/","title":{"rendered":"88% of Singaporeans unhappy over high property prices: PropertyGuru"},"content":{"rendered":"


\nYounger Singaporeans are finding it harder to buy a home.
\nThe majority of Singapore consumers are dissatisfied over the state of the property market, revealed PropertyGuru\u2019s latest Consumer Sentiment Survey.
\nIn fact, 88 percent of those unhappy with the market cited high property prices as their key concern.
\nMore: Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings
\nWith this, the sentiment index for the first half of 2018 remained at 39 points, similar to the score achieved in the second half of 2017. The index is calculated based on six parameters including housing prices, satisfaction and consumers\u2019 future expectations of the market.
\nThe survey showed that consumers expect private property prices to increase significantly over the next five years. About 27 percent believe condo prices will grow by over 10 percent, while 25 percent see landed property prices increasing by the same rate. Only 13 percent of the respondents predict that HDB prices will rise by a tenth from current prices.
\nGiven the new property cooling measures rolled out by the government, PropertyGuru chief business officer Lewis Ng expects consumers to take a wait-and-see approach to gauge where prices may go before committing to a purchase.
\n\u201cWith buyers now having to fork out more cash upfront, these recent moves have made it more expensive to consider property as an investment option,\u201d he said. \u201cSellers looking forward to a market recovery to sell their properties, might feel some frustration as well, especially en bloc hopefuls who did not manage to see their sales go through prior to the measures.\u201d
\nBut even before the measures were tweaked to slow property price growth, only 27 percent felt that the government was not doing enough to make Singapore housing affordable. Around 53 percent believe that the price of newly launched properties by developers should be regulated by the state, while 49 percent want the state to impose more restrictions on foreign ownership.
\nAlmost 50 percent of the respondents said the cooling measures should be relaxed, of which 80 percent called for the reduction of the ABSD imposed on Singaporeans purchasing their second and subsequent properties.
\nOther policies that respondents want to see relaxed include the caps on percentage of monthly income which can be used to service housing loans \u2013 namely Total Debt Servicing Ratio and Mortgage Servicing Ratio.
\nMore: Financial Guide On Affordability: TDSR
\nMeanwhile, 39 percent of millennials surveyed \u2013 or those aged between 21 and 37 \u2013 currently live with their parents. A majority (or 66 percent) of these millennials are looking to acquire a home, with the central, northeastern and eastern parts of Singapore being the preferred location of their future homes.
\nHowever, 69 percent of millennials revealed that they do not have a structured savings plan to fund their housing purchase. Millennials with no intention to move out of their parents\u2019 home pointed to the lack of adequate savings to buy a home as the main reason for staying with their parents. Other reasons cited include high property prices (33 percent) and not being married, which makes them unqualified for an HDB flat (44 percent).
\nWhile monthly CPF contributions may be used for future home acquisitions, but given the property prices in Singapore, Ng advises younger Singaporeans to set aside \u201ca fixed percentage of their monthly paycheck to go towards their home purchase\u201d.
\n\u201cAt the same time, before committing to a home, they need to ensure that they have adequate savings to finance their loans for at least six months to a year in the event they suffer any loss of income,\u201d he added.
\n\u00a0More: Can you afford a condo? Check your\u00a0affordability\u00a0now.\u00a0
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…88% of Singaporeans unhappy over high property prices: PropertyGuru<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Younger Singaporeans are finding it harder to buy a home. The majority of Singapore consumers...<\/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-95321","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-oNr","jetpack-related-posts":[{"id":106359,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/66-of-singaporeans-say-properties-are-value-for-money\/","url_meta":{"origin":95321,"position":0},"title":"66% Of Singaporeans Say Properties Are 'Value For Money'","date":"April 23, 2019","format":false,"excerpt":"\r Despite perceived high prices, 66 percent of Singaporeans still consider property within the city-state to be good \u2018value for money\u2019. Despite the perceived high prices, many Singaporeans remain positive of the local property market, findings from the latest\u00a0PropertyGuru Consumer Sentiment Survey showed. This comes as 41 percent of respondents\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/04\/Sentiment_Survey_H2_2018_Infographic_v2.jpg?fit=699%2C1200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":70095,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-guru-view-a-look-back-at-affordability\/","url_meta":{"origin":95321,"position":1},"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. 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