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Thread: Only top 5% of Singapore earners can afford a landed property: study

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    Default Only top 5% of Singapore earners can afford a landed property: study

    [url]https://sbr.com.sg/residential-property/in-focus/only-top-5-singapore-earners-can-afford-landed-property-study[/url]

    [B][SIZE=5]Only top 5% of Singapore earners can afford a landed property: study[/SIZE][/B]

    RESIDENTIAL PROPERTY | STAFF REPORTER, SINGAPORE

    PUBLISHED: 11 HOURS AGO


    Mortgage payments may cost up to $9,086 per month.

    With the skyrocketing prices of landed properties in Singapore, an average terrace house sold in H1 can only be afforded by buyers with a monthly income of around $34,646 or those who belong to the top 5% earners in Singapore or professionals such as specialist medical practitioners, CFOs, financial directors, and lawyers, a study by ValueChampion revealed.



    “If we assume that you are making a downpayment of 25%, you will need $714,590 for the downpayment and will pay about S$9,086 for your monthly mortgage payment given an interest rate of approximately 2%,” ValueChampion junior research analyst Anastassia Evlanova explained.

    Based on their research, the firm found that the most expensive properties are Good Class Bungalows (GCBs) which typically cover over 1,400 sq m and are quite rare, with only around 2,700 of them built mainly in District 10 and 11. Their costs falls to more than $10,000 per square foot.

    Detached properties came in next with average prices sold for $13.1m which translates to a rate of $9,002 psf on average. Meanwhile, semi-detached properties and terrace houses were sold for $4.12m and $2.86m on average in H1.



    “Furthermore, landed properties come with different types of leaseholds which can also change how much a home costs,” Evlanova explained. “Freehold properties are the most expensive, followed by 999-year leaseholds and 99-year leaseholds.”

    In this case, Evlanova noted that smaller 99-year lease semi-detached landed homes with around 10-30 years left may tend to be cheaper. According to her, a few cost $300,000 to $4000, making it cheaper than the average price of a 4-room HDB resale flat.

  2. #2

    Default Re: Only top 5% of Singapore earners can afford a landed property: study

    Totally agree with you, Only the top five percent of earners in Singapore or professionals like financial directors, specialist medical practitioners, lawyers and CFOs can afford landed properties in the city-state
    [url]www.thetrevercondominium.sg[/url]

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    Default Re: Only top 5% of Singapore earners can afford a landed property: study

    Quote Originally Posted by thetrevercondo View Post
    Totally agree with you, Only the top five percent of earners in Singapore or professionals like financial directors, specialist medical practitioners, lawyers and CFOs can afford landed properties in the city-state
    I will be buying my landed soon, it is in the mind not in what you have.

    I know a lot of them are not the top five percent.

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