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SINGAPORE: PropertyGuru printed its first Singapore Shopper Sentiment Examine for 2024 on Monday (March 11). The research confirmed that greater than 4 out of 5 (85 per cent) renters discovered rental costs too excessive within the final two months of 2023.
These excessive costs have triggered them to chop down on spending elsewhere. Nearly as many (84 per cent) really feel that extra could be carried out to decrease excessive rental costs.
Nonetheless, two in 5 (40 per cent) Singaporeans who participated in PropertyGuru’s research expressed optimism over the HDB housing coverage tweaks introduced on the Nationwide Day Rally final 12 months, believing they’ll make HDB flats extra inexpensive and accessible.
Singaporeans within the high-income group and people between the ages of twenty-two and 39 expressed the very best optimism.
The research measures present shopper sentiments and expectations of the Singapore property market.
Nevertheless, the sentiment isn’t as constructive within the rental market. Over two-thirds of these surveyed (69 per cent) mentioned that they anticipate rental costs to extend even additional, with nearly half (47 per cent) saying they’re anticipating rental will increase of 5 per cent or extra.
Examine individuals throughout the low-income group have been extra more likely to categorical this sentiment. The variety of renters who’ve lower down on their spending to afford increased rental charges went up from 34 per cent within the second half of 2023 to 37 per cent within the first half of 2024.
Moreover, extra folks at the moment are reducing their rental budgets, with over half (52 per cent) of low-income residence seekers saying they’re allocating between S$500 and S$1,000 for month-to-month hire.
Extra Singaporeans are additionally on the lookout for less expensive rental properties, a rise from 38 per cent within the final half of 2023 to 44 per cent.
Nevertheless, one of many key findings of PropertyGuru’s research is that there continues to be a requirement for residential properties in Singapore regardless of “looming financial system headwinds and the uncertainty of the trajectory of rates of interest.”
Almost seven out of 10 Singaporeans (69 per cent) say they plan to purchase a property, and over half say they intend to take action within the subsequent 5 years.
“Actual property has at all times been wanted as a hedge towards inflation. In the long run, actual property tends to understand in worth, outpacing inflation and leading to capital features.
The quantum of capital features attained would seemingly outstrip different types of funding. Even throughout financial downturns, actual property might retain worth and proceed to understand because the financial system recovers,” says Dr Tan Tee Khoon, Nation Supervisor for PropertyGuru Singapore. /TISG
Learn additionally: PropertyGuru studies S$1 million internet revenue for This fall “regardless of lower than beneficial market situations”
The submit Over 4 in 5 Singaporeans discover rental costs too excessive; they imagine extra could be carried out to decrease costs appeared first on The Impartial Singapore Information – Newest Breaking Information
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