66% of young Singaporeans prefer renting to buying a property

They cite a lack of savings as a reason for not purchasing.

Most Singaporeans aged 22 to 29 would rather rent rather than buy a property, a survey by PropertyGuru has found.

According to the survey, young Singaporeans are adamant to buy properties because of a "lack of savings," whilst 36% of them said they don't feel the urgency to buy a property right now.

Also affecting the buying decision of nearly a quarter of young Singaporeans (21%) is the current property prices which they said are "too high."

Some 55% also cited property tax adjustment as a hindrance to buying properties.

As a result, 32% of young Singaporeans have begun exploring co-living or shared housing with cheaper rent and common facilities.

Whilst some are keen on co-living, most of them (72%) still want to buy their properties within the next two years, with 36% saying they want to purchase due to lack of personal space in their current residence.

Amongst property types, PropertyGuru said HDB resale flats (30%) are the preferred choice by those in search of a
new home, whilst jumbo flats are the favourite pick (44%) for those intending to purchase an HDB resale flat.

"In an inflationary environment with prices of private homes rising, a spacious HDB flat in a great location going for $1 million is an absolute steal, contributing to the increase of million-dollar HDB houses transacted this year," Country Manager of PropertyGuru Singapore, Tan Tee Khoon, said.