While more residents said they intend to purchase residential property in the next six months, according to Property Affordability Sentiment Survey 2016, a regular survey of Singaporean residents that provides insights into the current mood and attitudes toward the local property market and was released by online property portal group PropertyGuru Group on Monday.
The latest survey shows an increase in reported satisfaction for the local property market, with 28 percent of respondents saying they are very or quite satisfied with the current market, up from 26 percent during the same period in 2014.
In addition, local purchase intent has improved, with 48 percent reporting that they intend to purchase residential property over the next six months, 5 percent more than respondents who answered the same way in 2014. For those reporting to be satisfied with the local property market, the primary reason given was consistent from 2014 that there are good long term prospects for capital appreciation.
However, the number of respondents who reported being dissatisfied overall with the Singapore property market remained greater than those who are satisfied. Dissatisfied respondents indicated that the primary reason was consistent from 2014 — expensive prices or “overpriced” property. However, a majority of respondents believe that the prices of local residential housing overall will stabilize or fall further over the next six months.
Finally, respondents who answered that the government is doing enough to make housing affordable increase by 9 percent compared to the same period in 2014, with 42 percent saying that the government is doing enough to make housing more affordable, and 68 percent agreeing with the government’s current property market cooling efforts.
“PropertyGuru’s latest Sentiment Survey results show that although pricing concerns remain, overall mood is more positive with almost half of respondents saying they intend to buy this year. We know that finding your ideal property can be daunting and without transparency or relevant information, the property buying process can be frustrating and confusing. Through our regular surveys, research insights, tools and media rich content, we aim to help millions of consumers make more informed and confident decisions every month,” said Steve Melhuish, CEO and Co-Founder of PropertyGuru Group.
PropertyGuru has been conducting a regular Property Sentiment Survey since 2009. The survey aims to help consumers and property agents gain a better perspective of the local property market, informing consumer choices and easing a property buying journey that can often be fraught with uncertainty.