Nine in 10 Singaporeans are "very" or "somewhat concerned" about the rising home prices, according to a survey of 1,000 Singaporeans aged 16 and above.
The online survey, conducted by Southeast Asia consumer research company Milieu Insight in collaboration with finance assistant platform Seedly, was held from Nov. 30 to Dec. 5, 2022.
The study was done to understand the impact of inflation and rising home prices on Singaporeans, as well as their opinions of government measures.
As of Oct. 2022, year-on-year inflation was at 6.7 per cent, according to the Monetary Authority of Singapore.
Here are some of the results.
Rising housing prices affect Singaporeans
Rising home prices have affected 71 per cent of Singaporeans, and even affected homeownership plans for couples expecting a child.
32 per cent of Singaporeans intend to buy a house in the next five years, with Singaporeans aged 25 to 44 being more likely to want to buy a house in the same period.
Built-to-Order (BTO) flats still remain the most popular type of housing among Singaporeans (44 per cent), followed by resale HDB flats (27 per cent).
However, due to construction delays of new housing projects caused by the Covid pandemic, Singaporeans who are not able to wait have turned to the resale market or private housing.
Almost half of respondents dissatisfied with current housing measures
34 per cent of Singaporeans aged 35 to 44 intend to buy private housing in the next five years.
When asked about how satisfied they are with the government's measures to keep housing prices affordable, only 19 per cent of those surveyed were "very" or "somewhat satisfied".
Meanwhile, 41 per cent of respondents are dissatisfied with the current housing measures in place to keep housing affordable.
Head of Seedly, Yap Ming Feng, said that "inflation has a higher impact on those with lower household incomes and it is important for us to go back to the basics of personal finance to effectively tide through this difficult period".
Yap advises Singaporeans to get sufficient insurance coverage and have a proper budgeting plan in order to combat the rising cost of living.
Top photo from Pixabay and Seedly's Facebook