How to buy a home in Singapore with $25,000 to spare
With a budget of $25-50,000, the first thing that many Singaporeans are looking for is a house, according to a survey conducted by real estate agency PwC.
While Singapore has more than 200,000 rental properties, the average rent for a two-bedroom apartment in the capital is HK$2,600 (HK$8,200).
But a survey of 1,000 renters in Singapore found that only 18% of those surveyed had ever lived in a home of that price.
The average cost of a home is HKR1.3-1.6 million (HKP4.3 to HKP6.8 million), according to PwCM, with the average home cost increasing by $2,000 every year, on average, in the first year of ownership.
The survey also found that those who had owned a home before the age of 25 were more likely to be renters than their younger counterparts, with 62% of millennials owning their own home compared to 59% of their peers.
The survey also showed that only 12% of respondents had bought their first home with the intention of renting it out, which is a trend that could change.
PwCharts says that the survey found that “the median cost of owning a property in Singapore is HKC10,000 (US$6,400)”, which means the median price is HK $2.8-3,000 less than the median income of the average Singaporean.
The median rent in Singapore for a one-bedroom rental is HKP2,800 (US $1,700), and the average price for a house is HKB1,200 (US: US$1,500).
The survey asked people to rate the quality of their home and the type of furniture they wanted to have in the house, which were also measured.
It found that 52% of survey respondents rated their home as “good”, which was higher than the national average, but below the 60% mark the average score of a Singaporean respondent.
The most popular furniture was a wood flooring and the least popular was the “wood counter” and “cushion”.
Pwcm also found a trend in the number of people who rated their homes as “bad”, which suggests that Singaporeans tend to be more forgiving of bad reviews than their counterparts in the United States.
While there were a few other items in the survey that may help to explain why Singaporeans have such low ratings, the most important factor is probably the lack of diversity in the rental market.
There were 2,872 respondents in the study who identified as Asian, a number that has been declining over the last 10 years, but is still higher than in most Asian countries.
This is partly due to the fact that Singapore has only one major airport and a small number of small cities that are connected by rail.
The country has one of the highest unemployment rates in the world at 13%, but many of those who do find jobs do so at lower pay than in other Asian countries, according the survey.
The number of foreigners living in Singapore increased by 2% in 2017, but it is not clear if the increase was due to an influx of Chinese, or a new influx of Hong Kongers.
“We still have a long way to go in attracting foreign talent to the country, but if we can find ways to make Singapore an attractive place to live and work, we could see a huge number of new, young, and well-educated Singaporeans move to the city,” said James Ng, CEO of PwCam, which conducts research on home buying in Singapore.