By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Did the US flinch first in tariff war with China? | Trade War News
    Did the US flinch first in tariff war with China? | Trade War News
    May 14, 2025
    Saudis use burgers to impress Trump (VIDEO) — RT World News
    Saudis use burgers to impress Trump (VIDEO) — RT World News
    May 14, 2025
    Sony shares rise in choppy trade as PlayStation maker announces .7 billion share buyback
    Sony shares rise in choppy trade as PlayStation maker announces $1.7 billion share buyback
    May 14, 2025
    U.S. to cut tariffs on small packages from China to as low as 30% – National
    U.S. to cut tariffs on small packages from China to as low as 30% – National
    May 14, 2025
    A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
    A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
    May 14, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
    Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
    May 14, 2025
    Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
    Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
    May 14, 2025
    Bitcoin Pepe nears .2M on Solana hype
    Bitcoin Pepe nears $8.2M on Solana hype
    May 14, 2025
    eToro prices IPO at , eyes Nasdaq amid shifting sentiment
    eToro prices IPO at $52, eyes Nasdaq amid shifting sentiment
    May 14, 2025
    Bitcoin (BTC) Still Dominates the Market With 3,000 Price Tag, But Investors Are Rushing to Get in On Ruvi AI (RUVI) Thanks to 100% Early Bonus and 20,000% Price Prediction
    Bitcoin (BTC) Still Dominates the Market With $103,000 Price Tag, But Investors Are Rushing to Get in On Ruvi AI (RUVI) Thanks to 100% Early Bonus and 20,000% Price Prediction
    May 14, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: IN FOCUS: With rising private home prices, is climbing the property ladder harder?
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Business > IN FOCUS: With rising private home prices, is climbing the property ladder harder?
IN FOCUS: With rising private home prices, is climbing the property ladder harder?
Business

IN FOCUS: With rising private home prices, is climbing the property ladder harder?

Published July 22, 2023
Share
4 Min Read
SHARE

Contents
HOUSING & SOCIAL MOBILITY“PRIORITISING WHAT REALLY MATTERS”

HOUSING & SOCIAL MOBILITY

Given that HDB flats – which house 78 per cent of the Singapore population – remain affordable to most Singaporeans, what is the significance of having some of the most expensive private residential real estate in Asia? After all, Singapore has one of the highest home ownership rates in the world.

If condominium price increases are much faster and greater than HDB price appreciation, some potential buyers will choose to invest in private condos, said Dr Lee Kwan Ok. As a result, the markets will diverge further and this may lead to unequal financial outcomes among households.

Dr Lee Nai Jia thinks that the quest for property isn’t solely a matter of securing a roof over one’s head. A potential consequence of two diverging housing markets is the deepening divide within society, particularly between asset-rich parents and those without such advantages, he said.

“It’s intrinsically tied to the aspiration of social mobility … Therefore, we need to rethink housing solutions that don’t just address affordability, but also foster a healthy social fabric and personal development,” he said.

“Such an economic chasm poses a threat to societal stability. This is precisely why the government’s strategic emphasis has been directed towards preserving our social contract and prioritising the accessibility of public housing.”

But Professor Qian Wenlan, director of NUS’ Institute of Real Estate and Urban Studies, does not see a sharp divergence materialising and thinks that the majority of the Singapore population would be more concerned about the affordability of public housing.

Furthermore, she sees the spillover effect also moving in the opposite direction, with public housing prices possibly affecting private property prices.

“The injection of supply downstream will mitigate inflation in the public housing market, which may even have a spillover effect on the property market as a whole,” she said.

“By and large, we expect public housing to remain highly affordable to the majority of the population, especially since the government’s policy is to price BTO flats according to median incomes rather than market demand.”

“PRIORITISING WHAT REALLY MATTERS”

Analysts agreed that in general, the Singapore government has done a good job at housing the nation.

This is unlike cities like Seoul and Hong Kong where residents “struggle a lot” due to housing attainability, said Dr Lee Kwan Ok. 

“For example, public housing supply is limited and private housing prices are very high in Seoul, so many young people give up their marriage and childbirth due to housing unaffordability,” she said. 

“In Hong Kong, the waiting time for public rental housing is very long, and many are forced to turn to private housing which is very unaffordable.”

Sociologist Tan Ern Ser said that in a society like Singapore, social mobility is always possible to all, but the probability of moving up is unequal across classes.

He thinks the government has been making make public housing more affordable and attractive, with new housing developments, such as Bidadari, Tengah, and the Southern Water Front, for instance; while persuading Singaporeans to redefine success in less material terms.

“I don’t think we could solve this problem of the bifurcation of public and private housing satisfactorily, but we could aim to live a ‘good enough’ life, prioritising what really matters:  our mental and physical health, family and friends, and community life,” said Dr Tan.

#FOCUS #rising #private #home #prices #climbing #property #ladder #harder

TAGGED:climbingFocusharderHomeHousingIn Focusladderpricesprivateprivate housingpropertyRising
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Wormhole Foundation unveils a Cosmos appchain called Gateway Wormhole Foundation unveils a Cosmos appchain called Gateway
Next Article Bringing Private King home: Reaching Pyongyang is the first challenge Bringing Private King home: Reaching Pyongyang is the first challenge
- Advertisement -

Latest Post

Did the US flinch first in tariff war with China? | Trade War News
Did the US flinch first in tariff war with China? | Trade War News
World News
Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
Cryptocurrency
Saudis use burgers to impress Trump (VIDEO) — RT World News
Saudis use burgers to impress Trump (VIDEO) — RT World News
World News
Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
Cryptocurrency
Sony shares rise in choppy trade as PlayStation maker announces .7 billion share buyback
Sony shares rise in choppy trade as PlayStation maker announces $1.7 billion share buyback
World News
Bitcoin Pepe nears .2M on Solana hype
Bitcoin Pepe nears $8.2M on Solana hype
Cryptocurrency
- Advertisement -

You Might Also Like

Earnings week ahead: Microsoft, Apple, Meta, Google, Amazon, Chevron and more
Business

Earnings week ahead: Microsoft, Apple, Meta, Google, Amazon, Chevron and more

January 28, 2024
Philippines and US accuse China of illegally targeting supply ships
Business

Philippines and US accuse China of illegally targeting supply ships

August 6, 2023
Forvia and BYD to bring Asian partnership to Europe
Business

Forvia and BYD to bring Asian partnership to Europe

July 23, 2024
Poaching headache: How Kenyan firms can win talent wars against Big Tech
Business

Poaching headache: How Kenyan firms can win talent wars against Big Tech

July 15, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?