Majority still dissatisfied with property market despite consumer sentiment uptick

Property is still too expensive.

The majority of Singaporeans and permanent residents are still dissatisfied with the domestic property market, a survey by PropertyGuru revealed today.

The Property Affordability Sentiment Index showed that 56%, of respondents remained dissatisfied with the current real estate climate, with property still perceived as expensive and overly restrictive government policies dampening buyer interest.

A whopping 76% of respondents expected prices for condominium units to fall over the next six months.

In spite of this, consumer sentiment registered a slight uptick. The index recorded a score of 168 in the second half of last year - well above the base level of 100.

“43% of respondents intend to purchase a property within the first half of 2015 despite a bearish real estate climate. This figure represents a great improvement in consumer sentiment against the previous years,” said Steve Melhuish, Co-Founder and Chief Executive Officer of PropertyGuru.