Only 51% deem BTOs affordable as resale and private homes lag

Nearly 30% expect to buy their first home only after five years, whilst 56% aim to upgrade eventually.

Despite growing concerns over affordability, Singaporeans remain highly engaged in the property market, with strong intentions to buy and sell in the coming years.

According to survey by ERA Realty Network and Ngee Ann Polytechnic, just 51% of respondents believe BTO flats are still affordable.

Sentiment is significantly lower for other housing types, with only 28% viewing resale HDBs as affordable, whilst 13% say the same for new private homes and 16% for resale condos.

Yet, these concerns have not dampened market activity. 44% of respondents said they would sell their property “if the price is right,” and nearly 80% are open to selling in the future to upgrade.

On the buying side, 44% plan to purchase a new home within three years, with another 30% targeting a three- to five-year window.

Younger buyers in particular still see property as a pathway to wealth, even if timelines are shifting. Among Gen Z and young millennials, 87% said they believe real estate is a good investment.

However, 45% feel that buying is now more difficult due to rising interest rates, borrowing costs, and property-related taxes.

Nearly 30% expect to buy their first home only after five years, whilst 56% aim to upgrade eventually. Their top near-term preferences are HDB BTOs (32%), followed by private condos (27%) and HDB resale flats (20%).

The survey also points to a change in what defines a desirable home. Proximity to work or school (57%) has overtaken price (48%) and size (31%) as the top priority. Analysts suggest this reflects a shift toward valuing convenience over space or cost, particularly as commuting patterns evolve.

Real estate remains the most preferred asset class for investment. More than 64% of respondents chose it over options like stocks, ETFs, crypto, bonds, or deposits.

Interest in Executive Condominiums (ECs) rose from 12% to 14%, and 23% now plan to buy a new flat within the next three years, up from 18% a year ago.

In terms of location, city fringe areas (36%) are now the top choice—up from 24% in 2024—likely due to a narrowing price gap with central regions.

Key factors when choosing a home include proximity to public transport (84%), and access to daily amenities like supermarkets (65%), hawker centres (62%), and malls (60%).

On the flip side, the main challenges cited were Additional Buyer’s Stamp Duty (32%), general affordability (29%), and property taxes (17%). Around 15% said they haven’t yet found a suitable home.

Budget expectations reflect the current pricing landscape. Most prospective buyers of BTOs and HDB resale flats are targeting between $500,000 and under $1m.

For private condos, 54–59% are budgeting $1m to $2m, with about 20% stretching to $2m to $3m. For landed homes, 76% of respondents expect to spend $3m or more.

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