Singapore’s housing market most affordable of any major developed city in the world

Singapore’s housing market is likely one of the most affordable of any major developed city in the world, said a recent research by JLL. The report which said that Singapore’s housing market is leading the pack among the global housing market and added that there seems to be limited downside risk to investing in the Singapore residential market now, whether for owner occupation or long term investment.

“Governments around the world have recently responded to escalating home prices by introducing measures to reduce demand and curb price escalation. Home prices have started to fall in some markets but aligning home prices to incomes could take a number of years. In our view, it is likely that governments will keep in place the measures they have introduced for some time to come. Rising interest rates will also have a place to play in cooling price escalation as borrowing becomes more expensive.

The Singapore government has since 2010, introduced a series of property curbs to cool Singapore’s housing market and to prevent cost of living from becoming too prohibitive for its citizens. Coupled with increasing supply and weaker sentiments, prices in Singapore’s housing market are likely to moderate or remain flat from this year going forward.

• Supply is moderating: While housing supply grew by 3-4% p.a. in the past five years, upcoming housing completions are lower, growing at less than 2% annually in 2019-2020. With less supply, a reduction in existing stock due to collective sales and growing demand as the employment market grows, we expect rents to trend up, helping to support price growth. In particular, upcoming supply in the prime districts is lower in 2019-2022, growing by less than 1% p.a.

• For medium to longer term investors, total ownership costs are aligned with other cities: While total buyer stamp duties are high for foreign buyers at 24% of purchase price, holding and selling costs are competitive for foreign buyers who invest for the long term.”

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