SINGAPORE: For many, owning a home is still a fundamental aspect of the “Singapore Dream,” despite its evolution. It’s considered a retirement egg nest, a symbol of maturity and responsibility, and a component of “adulting.” A Housing and Development Board (HDB) apartment is still within most people’s budgets, even with the booming post-pandemic real estate market.
The global organization Urban Land Institute’s 2024 Home Attainability Index shows that Singapore’s public housing has a price-to-income ratio of 4.7, which is significantly higher than comparable cities like Seoul (17.8) and Hong Kong (25.1). The ratio shows the number of years of yearly income required to buy a house.
However, there are also concerning signs that some people view public housing as a means of generating money and a surefire way to generate rapid financial returns. The preference for larger apartments that produce higher capital gain and the 44% increase in resale HDB prices over the last four years, particularly in top locations, are indications that some do not see public housing as just a place to live.
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