6 in 10 Singaporeans unsatisfied with property measures

They claim houses are still overpriced.

According to Singapore’s Property Affordability Index, a property sentiment survey conducted by PropetyGuru, the majority of respondents want more to be done to bring affordability back to baseline levels. 

While the Jan 2013 cooling measures have induced a drop in rate of price growth for both private property and HDBs, there still is a lingering perception that property prices can further be normalized through the government’s continued efforts at influencing the demand and supply of property in the market.

This is reflected in the general satisfaction with the real estate climate dipping to 24% from 31% last quarter, with 3 out of 4 respondents highlighting overpriced property prices as the main reason for dissatisfaction. In fact, 60% feel that the government should step up their efforts to address the problem, 13% more in comparison to last quarter.

But despite this findings also show that Singaporeans are supportive of the government’s latest attempts at curbing the rapid property price growth in the market.

These include the introduction of the property cooling measures in Jan 2013 which imposes a higher Additional Buyers’ Stamp Duty (ABSD) on second or more properties, harsher restrictions for property purchase from foreign buyers and the announcement of an increase in supply of public housing.