5 in 10 Singaporeans struggle to buy their first home

Singles are having the most difficulty.

Many Singaporeans plan to buy their first home (64%) but are struggling to do so (51%), PropertyGuru revealed.

The challenge of purchasing a home is most evident amongst singles (55%) and married couples with kids (49%).

In terms of property type, Singaporean’s top choices were new build-to-order (BTO) flats (31%), resale HDB flats (25%), and newly launched non-landed private properties (15%).

What makes home buying difficult for most Singaporeans include continued inflation and rising mortgage rates.

Until inflation eases, more than half (53%) of Singaporeans say they will delay plans to purchase a property. Meanwhile, more than half (59%) said they would delay their property purchase should there be further increases in mortgage interest rates.

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