Homeownership in Singapore down slightly in last 10 years

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. Source: Department of Statistics Story: Romesh Navaratnarajah via PropertyGuru