According to an international survey – the 15th International Housing Affordability Survey (2019) conducted by urban planning policy consultancy Demograhia, Singapore houses are seriously unaffordable.
File photo: HDB flats in Singapore
The survey covered 309 cities in eight countries, including the United States, China (only Hong Kong), the United Kingdom, Australia, Singapore, Canada, Ireland and New Zealand.
The survey results showed that the median house price in Singapore is 4.6 times the median household income which is considered as “seriously unaffordable”.
The Median Multiple is widely used for evaluating housing markets. It hasbeen recommended by the World Bank and the United Nations and has been used by the Joint Center for Housing Studies at Harvard University.
Hong Kong has the world’s least affordable home prices, with a median multiple of 20.9, up from last year’s 19.4. Vancouver came in second, while Sydney, Melbourne and San Jose came in third, fourth and fifth, respectively.
Despite a range of cooling measures introduced since 2012, the property prices in Singapore has increased by 13% over the past one year prompting the government to introduce another round of cooling measures in July 2018.
Over 80% of Singapore’s population lives in public housing known as HDB flats built by the government.
Read the full report here.