Singapore, 18 Mar 2023 In a country where owning property is an essential rite of passage, a recent survey result raised eyebrows when it found that many people were deferring buying a home.
A PropertyGuru poll showed that over half – 55 per cent – of those surveyed said they may defer their purchase till prices stabilise and inflation falls.
While pricing may have been one key reason, there are other factors at play. Orange Tee’s senior vice-president of research and analytics Christine Sun said the property agency has noticed many younger people renting, especially during the pandemic.
Looking at HDB resale flats, there are a couple of periods of price stagnation from 1998 to 2006, and 2015 to 2019, according to Orange Tee’s Ms Sun. Bedok, Jurong West and Yishun were among areas where prices did not move up from 1998 to 2006.