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Homeownership in Singapore down in past 10 years

Posted on 24 Sep 2014 | Comments Off

Although overall homeownership in the city-state remains high at 89 percent in the 2012/2013 period, this is a slight dip from the 91 percent recorded in the previous 10-year period, revealed recent data from the Department of Statistics’ household expenditure survey.

Ownership of HDB flats saw the most noticeable drop over the past decade, falling from 91.9 percent in the 2002/2003 period to 89.9 percent in 2012/2013.

The homeownership rate of condominiums and other apartments has fluctuated in recent years, increasing from 83.6 percent in 2002/2003 to 85.6 percent in 2007/2008, but this has since slipped to the current 84.5 percent.

Meanwhile, households staying in landed properties enjoyed the highest levels of homeownership in Singapore, with 92.2 percent owning their homes in 2012/2013, up slightly from the 91 percent in 2002/2003.

Specifically, the rate of homeownership was generally higher among households in the 21st to 80th percentile income bracket, whereby more than nine in 10 owned their own homes.

The survey was conducted among 11,050 households between October 2012 and September 2013.

Click here to read the full report.

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S’pore is 6th costliest for home, office rents

Posted on 24 Sep 2014 | Comments Off

The new Savills Live/Work Index has ranked Singapore the world’s sixth most expensive city for companies to locate employees, a position held since 2008.

The index measures the total costs per employee of renting living and working space on a US dollar basis in 12 world cities.

In Singapore, the combined cost of renting residential and office space per employee per year amounted to US$74,890 in June 2014.

Although the housing market here has slowed with prices dropping 4.2 percent in the first six months of 2014, residential values have increased 44.6 percent over the last five years, according to Savills.

The report stated that residential rents have fallen 3.5 percent in H1 2014, but climbed 4.6 percent since 2008.

On the other hand, while work costs have risen sharply with office rents growing 7.3 percent in the first half, this is still around 31 percent below 2008’s level.

“Fluctuations in total live/work costs reflect not only the strength of a city’s residential and office markets and occupier taxes and costs, measured at a local level, but also the impact of fluctuating exchange rates on the cost of doing business on a world stage,” Savills said.

Meanwhile, London has become the world’s most expensive city for companies to locate employees, overtaking Hong Kong, which had previously topped the ranking for an unbroken five-year period.

New York and Paris complete the pack of four leading cities, where the combined costs of renting residential and office space top US$100,000 per employee per year.