Housing: Voice of the People in 2022

But the voters should thank the millionaire ministers and the (th Immortal?

Because

Property is crashing everywhere, except in Singapore. The Asian city-state’s private residential prices are up 14% year-on-year, according to third-quarter data from Knight Frank. That’s a sharp contrast to major cities like Hong Kong and Sydney, which saw decreases of 7% and 4% respectively over the same period.

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The city-state boasts a home ownership rate of nearly 90% as of 2021, thanks to the government’s public housing policies. With average annual real wages growing almost 20% since 2017 and total employment expanding, many households are now looking to upgrade to private residences. Yet due to Covid-19 disruptions, net new housing has fallen below the 10-year average. As of the third quarter, 78% of planned private residential units were under construction, down from 90% in the same quarter in 2021, according to the Urban Redevelopment Authority.

https://www.reuters.com/breakingviews/singapore-withstands-global-property-downturn-2023-01-03/