Should Foreign Buyers Be Deterred By the 30% ABSD?
TLDR Foreign buyers interested in private residential properties in Singapore is a common sight due to the country's positive reputation...
Read More
TLDR
Young Singaporeans are redefining the “Singapore Dream” with homeownership and property upgrading at its core. Most Gen Zs (85%) and Millennials are prioritizing buying homes, with many aiming to progress from HDB flats to private condos for both lifestyle and investment reasons. However, rising property prices, high interest rates, property taxes, and stricter loan rules are real concerns—25% worry about affordability, and ABSD remains a barrier for many. Despite these challenges, young buyers remain determined and pragmatic, carefully planning each step of their property journey. The desire for bigger homes is balanced by budget constraints, with three-bedroom units being most popular. Overall, homeownership remains a key aspiration, but buyers are adapting strategies to meet evolving financial and lifestyle needs.
The ‘Singapore Dream’ is evolving, but housing remains at its core. Young Singaporeans like Farah, 27, exemplify this new mindset. She’s starting with a five-room BTO in Tengah but already has her sights set on a private condo post-MOP. It’s not just about having a roof overhead – it’s about strategic property progression.
Recent survey findings paint a telling picture. Among Gen Z (21-27), a striking 85% prioritize homeownership, with 59% planning to upgrade to private condos within five years. Take Hanan Zailani, 25, who’s pursuing a practical path: starting with a four-room resale flat while keeping future upgrades in mind.
Millennials (28-43) show similar ambitions, but with more financial muscle. A solid 35% aim for private condos, with most targeting the $1-2 million range. Space matters across generations – three bedrooms appear to be the sweet spot, reflecting both family planning and work-from-home considerations.
Consider Ms Ong’s persistence – four BTO attempts before success. Her story reflects a broader truth: young Singaporeans remain undeterred by housing challenges. They’re adapting their strategies while keeping their property aspirations intact.
While Prime Minister Lawrence Wong speaks of a “Refreshed Singapore Dream” beyond material success, the survey reveals an interesting dynamic: young Singaporeans aren’t abandoning traditional aspirations – they’re redefining them. They want homes that appreciate in value while providing space for life’s evolving needs.
The story isn’t just about ownership – it’s about progression. From BTO to private condo, each step is carefully calculated. Today’s young buyers are both pragmatic and ambitious, balancing immediate needs with long-term investment potential.
Nonetheless, the wish for larger homes is moderated by concerns over affordability. Issues such as property prices, elevated interest rates, property taxes, difficulties in obtaining larger loans, and Additional Buyer’s Stamp Duty (ABSD) continue to affect Singaporeans’ aspirations for home ownership.
According to the survey, 25% expressed that the affordability of private homes is a worry. This perspective aligns with transaction data from the first half of 2024, which shows that 64% of non-landed transactions were priced under $2 million, while an additional 26% fell within the $2 million to $3 million bracket. At least 26% of these transactions took place in the Rest of Central Region (RCR).
The disparity in prices between new and resale homes continues to be significant, with median prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) reflecting a gap of approximately 37% and 39%, respectively. At the same time, 17% of survey participants indicated that interest rates have affected their affordability, while 16% reported an impact on their loan eligibility. Additionally, 13% concurred that the Additional Buyer’s Stamp Duty (ABSD) poses a major obstacle to purchasing their next property.
“Despite the financial challenges that prospective buyers may encounter, most are willing to invest to secure their ideal home, underscoring the value of home ownership as a treasured aspiration for many in Singapore.”
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Unforgettable Vacation: The Ultimate Guide To Singapore’s 5 Best Hotels
Unforgettable Vacation: The Ultimate Guide To Singapore's 5 Best Hotels It's 五新房产, Singapore is a vibrant and exciting destination, known...
Read More
Discover the 3 Top Factors Impacting HDB Resale Valuation in Singapore: What Every Buyer Must Know!
TLDR The blog post discusses the increased demand for HDB resale flats and the impact on prices. It emphasizes the...
Read More
Step-By-Step Guide To Buy Resale HDB (Updated March 2023)
TLDR The process of purchasing a resale HDB flat involves steps such as checking eligibility, calculating affordability, registering intent to...
Read More
Top 5 Reasons : Is It Still Worth It For A Foreigner To Invest In Singapore
Singapore, a small yet prosperous city-state in Southeast Asia, has long been an attractive destination for foreign investors. Its strategic...
Read More
Top 5 Must-Do Experiences in Singapore for First Timers
Singapore, a vibrant city-state known for its diverse culture and rich history, offers an array of unique experiences for first-time...
Read More
Top 5 Factors: Singapore Offer A Stable And Lucrative Investment Opportunity In Real Estate?
Singapore, a small yet economically powerful city-state, has long been recognized as one of the most attractive destinations for real...
Read More
Top 5 Things to Do in Singapore on a Rainy Day
Singapore, the beautiful island city-state, is known for its sunny weather and stunning attractions. However, even in this tropical paradise,...
Read More
5 Most Iconic Landmarks In Singapore’s Landscape
Singapore's landscapes is renowned for its innovative and dynamic approach to urban development, boasting some of the most iconic landmarks...
Read More
Top 5 Street Food Markets in Singapore
Singapore, a melting pot of diverse cultures, offers an incredible array of street food that tantalizes the taste buds of...
Read More
Singapore Luxury Property: 5 Reasons to Add it to Your Trophy Collection
Singapore Luxury Property: 5 Reasons to Add it to Your Trophy Collection When it comes to luxury property investments, Singapore...
Read More
5 Reasons Why Your House Isn’t Selling – and How to Overcome Them!
TLDR When trying to sell your home, ensure it is competitively priced based on its unique features and the current...
Read More
Checklist for First-Time Homebuyers in Singapore: A Guide to Viewing Condos
TLDR The checklist provides essential steps for first-time homebuyers in Singapore to consider when viewing a condo. It includes aspects...
Read More
5 Things to Know About Singapore’s Public Housing System
5 Things to Know About Singapore's Public Housing System With over 80% of Singaporeans living in public housing, it's important...
Read More
Exploring Singapore: The Top 5 Surprising Facts You Never Knew
Singapore, a city-state in Southeast Asia, is known for its rich cultural heritage, diverse population, and vibrant food scene. This...
Read More
What Might Occur If We Ease Property Cooling Measures?
TLDR To assess if Singapore’s property cooling measures are working, compare our actions with China, which is applying the opposite...
Read More
5 Top Reasons Why Chinese Love to Invest in Singapore Property Market Today
Here are the top 5 reasons why Chinese love to invest in Singapore's property market today. 1. Political stability: Singapore...
Read More
What to Do Before Exercising Option to Purchase?
TLDR Home buyers are advised to thoroughly research property values using online tools, secure an ideal home loan package early...
Read More
Is It Better To Purchase A Larger HDB Or A Smaller Condo For $1 Million In 2025?
TLDR When comparing a large, centrally located resale flat (e.g., 5-room HDB) with a small condo around the $1 million...
Read More
Uncover the Secrets of Buying Older Properties – What They Won’t Tell You!
TLDR When considering the appeal of older properties in hipster neighborhoods in Singapore, it's crucial to understand the benefits and...
Read More
