Consumer sentiments report says affordability remains a top
concern; tighter restrictions seen to impact sales but not
prices
SINGAPORE, Feb. 4, 2013 /PRNewswire/—The
iProperty Group, owner of Asia’s No. 1 network of property portal
sites under the iProperty brand (www.iproperty.com) today released
its iProperty.com Asia Property Market Sentiment Report (APMSR)
H1 2013(
http://www.iproperty.com.sg/asia-property-marke… ), revealing a
continuing clamor for Government to heighten the affordability of
public housing.
“Singapore property buyers understand that prices will continue
to go up, but appreciate the Government stepping in to manage the
pace and ensure that public housing will remain within their
reach,” said Sean Tan, General Manager of iProperty.com
Singapore.
Tan said the seventh round of cooling measures, which was
announced on 12 January 2013, just two weeks after the survey was
completed, would impact property sales but unlikely to make a dent
in terms prices.
“The new measures would certainly make residential property
buyers more cautious. In fact, the sentiments report already
reflects this trend, with more than half of the consumers surveyed
said they may be deferring their purchase much longer to up to two
years. I think we can expect property sales to dip slightly as a
result of the new measures, but prices will continue to go up, or
at best, remain flat in 2013,” he added.
He continued, “However, low interest and high liquidity are
expected to keep the property market buoyant, even in the face of
tighter restrictions.”
Carried out in four markets – Singapore, Malaysia, Indonesia and
Hong Kong with a total of 17,303 respondents, including 2,099 from
Singapore, the iProperty sentiments survey aims to provide property
investors, buyers, sellers and owners – both locals and expatriates
– with insights into the property market from a consumers’
perspective.
In Singapore, rising property prices resurfaced as a top
concern, and sentiments lean towards Government taking a more
active stance to decelerate the increases.
While respondents seemed to favour stricter market restrictions,
a surprising 70% indicated that they were likely to support
government moves to allow singles to buy new HDB flats, a reversal of the current rules that limit
HDB flat ownership to singles over the age of
35 who purchase on the open market. Changing the rules would allow
singles, too, to enjoy the benefits of subsidized public
housing.
Key findings include:
—64% of the survey respondents felt the current resale prices of
HDB flats are not affordable to the average
Singaporean family
—50% of survey respondents predicted prices will continue to
rise over the next three years despite an increased supply of
build-to-order (BTO) flats
- 67% of those surveyed opined that government should take
more active steps to cool the market - 41% of the respondents
felt that the government is not doing enough to ensure sufficient
housing is available to foreigners
Overall, the forecast for the Singapore property market in 2013
remains positive, with 55 % of respondents unfazed by fears of a
property bubble. Majority of respondents (66%) are confident that
their property will retain its value in 2013.
Market Realities
The report also revealed an interesting alignment between
consumers’ preferred measures to curb HDB
price increases and the government’s approach.
Respondents’ felt HDB prices could be
better controlled if the Government were to adopt measures such as,
imposing stricter guidelines for permanent residents subletting or
selling their HDB flats (45%); putting a cap
on resale prices of HDB flats (30%); and
putting a levy on subletting HDB flats
(25%).
“The issues and proposed solutions that figured prominently were
addressed in the latest round of cooling measures. It is a
testament to how the study reflects market realities,” Tan
added.
To deliver more useful insights to property buyers and sellers,
iProperty.com Singapore has partnered with Ascendant Assets Pte
Ltd, one of Singapore’s real estate research consultancies, to
analyse the sentiments and how the trends have evolved over the
past few years.
“In the 2013 survey, about 72% of the respondents indicated that
they do not intend to buy a property in the next one year. For
consumers, it is not easy to fathom what 72% means. However, if
consumers know that only 38% gave that answer the year before, it
would definitely be more telling. We are working with iProperty.com
Singapore to identify these underlying trends so that the study can
become a truly invaluable tool that consumers can use in deciding
when, where and what to buy,” said Getty Goh, Director of Ascendant
Assets Pte Ltd.
Download full report at
http://www.iproperty.com.sg/asia-property-marke….
About iProperty.com Singapore (www.iProperty.com.sg)
iProperty.com Singapore is Singapore’s leading real estate
website( http://www.iproperty.com.sg ).
Each and every month, iProperty.com helps tens of thousands of
Singaporeans, expatriates and foreigners find their dream homes or
investment properties. The portal provides the largest database of
the most up-to-date listings to help you make informed decisions.
iProperty.com is also the official partner of the Singapore
Institute of Estate agents (IEA), and MSN’s
exclusive property partner, powering their real estate channel.
About iProperty Group Limited (www.iproperty-group.com)
Listed on the Australian Securities Exchange, the iProperty
Group (ASX:IPP) owns and operates Asia’s No.1 network of property
websites under the iProperty.com umbrella brand. Headquartered in
Kuala Lumpur, Malaysia, the Company is focused on developing and
operating leading real estate Internet portals with other
complementary offerings in Asian markets. It currently operates
online property portals for consumer and business needs in the
markets of Malaysia, Indonesia, Hong Kong, Macau, and Singapore,
and has investments in India and Philippines. Most of its sites are
ranked first in their respective markets. Along with 18 property
websites around the region, the Group’s portfolio also includes the
first comprehensive regional commercial property website,
CommercialAsia.com, as well as a regional property exhibition
business and a Malaysian monthly property magazine.
The iProperty Group Network of websites are Malaysia:
iProperty.com Malaysia( http://www.iproperty.com.my ),
Singapore: iProperty.com Singapore( http://www.iproperty.com.sg ),
Indonesia: rumah123.com(
http://www.iproperty.com.sg/asia-property-marke… ) and
rumahdanproperti.com, India: iProperty.com India( http://www.india.iproperty.com
), Hong Kong: GoHome.com.hk( http://www.gohome.com.hk ) and
House18.com( http://www.house18.com/main.php
), Macau: vProperty.com, Philippines: iProperty.com Philippines(
http://ph.iproperty.com ),
Commercial: CommercialAsia.com( http://www.commercialasia.com/commercial-proper…
), Luxury: iLuxuryasia.com( http://www.iluxuryasia.com ).
About Ascendant Assets (www.AscendantAssets.com)
Ascendant Assets Pte Ltd is a real estate research and
investment consultancy that specialises in providing research and
analysis on the Singapore property market. The firm’s strength lies
in customising solutions and providing sound advice that adds value
to a client’s property investment. We provide the following
services:
—Structure property investment deals
—Provide real estate research services
—Provide project co-ordination for property redevelopment
—Assist foreign investors invest and manage their properties
—Help SMEs diversify through property investments
Ascendant Assets is not a real estate agency. We do not market
properties or broker property deals. The firm focuses on helping
its clients make informed property investment decisions by
providing research and statistics. Since its establishment in 2008,
Ascendant Assets has lent its expertise to public and private
sector clients, investors as well as homeowners.
For media enquiries and interviews, please contact:
Donna Garcia
DID: +65 6221 8729
Email: [email protected]
SOURCE iProperty.com
Copyright 2013 PR Newswire