Seriously, Singapore homes are still affordable
Mortgage-income ratio is just 24%.
According to CIMB, general affordability, surprisingly, remains very firm, with the average household income for the top 25th quartile rising faster than home prices, and the average mortgage-income ratio for private properties estimated at just 24%.
"This is near a 20-year low (more affordable) based on our estimates. A key reason for this is the structural shift in demand for smaller units, with the average unit size sold falling from 1,270psf in 2007 to 788sf in 1Q13," CIMB said.