THE CHARTIST: SINGAPORE BEATS HK, OTHER GLOBAL CITIES IN HOUSING AFFORDABILITY
Owning a private home in Singapore has never been more attractive or easier, with Singapore private housing affordability improving to its best levels in two decades, said Eli Lee, head of strategy at Bank of Singapore. “Due to falling home prices over the last bear cycle and rising household income, housing affordability in Singapore has improved meaningfully since 2010, with the private home price-to-income ratio falling to 20 year lows,” he said.
Singapore’s rising affordability makes it a compelling choice for home buyers compared to other major global cities. Lee said the likes of Hong Kong, Tokyo, and Sydney have seen their home prices and housing affordability worsen between 2010 to 2016. Meanwhile Singapore’s housing-to-income ratio fell to 4.8 from 7.3, whilst Hong Kong’s rose to 18.1 from 11.4.