As both a real estate agent and also started a few business on the side myself, I have been observing the housing market and also how it affects people’s decisions.
Owning a property is almost like a rite of passage for most Singaporeans over here but I’ve been also noticing more and more people are now opting to rent instead of buying.
Mainly driven by a few factors like lifestyles preferences, economic uncertainty, and changing attitudes towards homeownership.
Given the current economic climate and the fact that the property market has become increasingly priced out for a lot of Singaporeans, over half of the Singaporeans responded in a recent survey that they may defer their purchase till prices stabilise and inflation falls.
I’ve met many couples that are renting temporarily as they wait for the completion of new flats or condo units due to construction delays caused by covid.
And some younger people are choosing to live on their own for more privacy away from their parents.
Renting will also allow young people to take on more risks in life such as starting a business or venturing into overseas market to seek other opportunities.
Instead of being burdened by a long mortgage and hoping to cash out profits from the properties in the future, this group of people will have more flexibility in life.
If you have short-term plans of venturing into business or have plans of migrating to overseas, then only renting is recommended.
Buying into a property in Singapore requires a longer term commitment, at least from the property appreciation point of view.
Making more housing options available for renting will benefit the industry by providing more options for Singaporeans who prefer flexibility and freedom in life.
