8 in 10 Singaporeans deem private property pricey: survey

More than half said that the government should regulate real estate prices.

Eight in 10 Singaporeans still find private property expensive despite an increasing supply and last year’s cooling efforts, according to a PropertyGuru survey.

Fifty-eight percent of respondents said that the government should regulate prices of newly launched properties, up from 49% in H2 2018.

Singaporeans are getting more cautious before securing another property as shown by the Property Purchase Intent Index which lowered to 38 in H1 2019 from 41 in H2 2018.

Meanwhile, the survey’s overall Sentiment Index dipped to 40 in H1 2019 from 45 in H2 2018, reflecting concerns such as affordability, real estate climate, interest rates, property prices and government intervention in the property market.

In addition, 36% felt that condominium rents would decrease overall. Competition amongst landlords is on the rise with over 25 condos obtaining Temporary Occupation Permit this year, said PropertyGuru Country Manager Tan Tee Khoon.

Moreover, 70% of renters feel that homes are getting smaller, compared to 53% of investors and 59% of landlords.

Slightly more than half of respondents (51%) felt that the Lion City’s economy was not performing well, up from 37% in H2 2018.