Over 4 in 10 Singaporeans are disgruntled with residential market: survey

Expensive prices are a top concern.

About over 4 in 10 (44%) Singaporeans are dissatisfied with the local property market, according to real estate portal PropertyGuru’s latest Property Affordability Sentiment Survey.

Dissatisfied respondents also indicated that the primary reason was consistent from 2014—expensive prices of “overpriced” property. However, most of respondents expect prices of local residential housing overall to stabilise, or fall further over the next six months.

Moreover, the survey also reveals an uptick in reported satisfaction for the local property market. Almost 3 in 10 (28%) say they are very or quite satisfied with the current market, compared to 26% from the same period in 2014.

Additionally, local purchase intent has improved. Almost half (48%) report that they intend to purchase residential property over the next six months—this is about 5% more than respondents who answered the same way in 2014.

“For those reporting to be satisfied with the local property market, the primary reason given was consistent from 2014; that there are good long term prospects for capital appreciation,” further said PropertyGuru.

Further, respondents who believed that the government is doing enough to make housing affordable increased by 9%, with more than 4 in 10 (42%) saying that the government is doing enough to make housing affordable. Meanwhile, over 6 in 10 (68%) agree with the government's current property market cooling schemes.