About half of new poll respondents say they don’t find BTOs affordable

SINGAPORE: A new survey by ERA Realty Network and Ngee Ann Polytechnic found that only about half of respondents—51%—feel that BTO flats are still affordable. The sentiment dips sharply for other housing types: Just 28% believe resale HDB flats are affordable, while only 13% think the same about new private homes, and 16% about resale condominiums.

Despite that, the appetite for property hasn’t cooled. About 44% said they would sell their property “if the price is right,” while nearly 80% are open to selling eventually to upgrade their homes. On the buying side, 44% intend to purchase a new home within three years, with another 30% setting their sights on a three- to five-year window.

Among younger Singaporeans, property remains a cornerstone of financial ambition. A striking 87% of Gen Z and young millennial respondents see real estate as a good investment, though nearly half—45%—say it’s now harder to buy due to higher interest rates, borrowing costs, and property taxes.

For many, the dream of owning a home has simply shifted further down the road. About 30% expect to buy their first home only after five years, and 56% hope to upgrade in the future. Their top near-term picks are HDB BTO flats (32%), followed by private condos (27%) and HDB resale units (20%).

The survey also found a shift in what people look for in a home. More now prioritise location over size or price—57% rank proximity to work or school as the most important factor, compared to 48% for price and 31% for space. Observers say this shows how convenience has become a key consideration, especially as commuting habits change.

Real estate continues to be Singapore’s favourite investment choice. About 64% of respondents picked property over stocks, ETFs, crypto, bonds, or deposits. Interest in Executive Condominiums (ECs) also inched up from 12% to 14%, while those planning to buy a new flat within three years rose from 18% to 23%.

City fringe areas are now the top location choice, with 36% of respondents preferring them—up from 24% a year ago. The narrowing price gap between fringe and central regions likely explains the growing interest.

When deciding where to live, 84% said proximity to public transport was a must, followed by access to supermarkets (65%), hawker centres (62%), and malls (60%).

Still, affordability and policy hurdles remain major pain points. The Additional Buyer’s Stamp Duty was cited as the biggest challenge (32%), followed by general affordability concerns (29%) and property taxes (17%). About 15% said they simply haven’t found a suitable home yet.

Budget expectations mirror the current market landscape. Most BTO and resale HDB buyers are looking at homes priced between $500,000 and under $1 million. For private condos, around 54–59% are budgeting $1 million to $2 million, while roughly 20% are prepared to spend up to $3 million. Among landed home seekers, three in four expect to pay $3 million or more.