Experts say public housing still affordable for the average Singaporean

The rise in the number of HDB flats sold for six-digit figures in the secondary market has brought on concern that purchasing a house in Singapore may be a distant dream.

While homeowners may be, more than ever, willing to pay a higher price for resale HDB flats, the transaction volume for the latter is still but a fraction.

However, homeowners’ worries are not groundless. On top of the strong demand for properties, mortgage rates have also been rising.

The Build-to-Order (BTO) market saw an incline in the price-to-income ratio from 3.33 to 4.07, for the twenty-year period between 2001 and 2021. A similar trend was noted in the resale HDB market, with the price-to-income ratio going from 3.98 to 4.23 over the same course.

While there is a decline in the affordability of properties, there are housing grants homebuyers could apply for. Planning to purchase a flat but intimidated by the hike in property prices? We can help you with your property journey! Drop us a message to get started.