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Thread: Survey shows S'poreans still keen to invest in property

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    Default Survey shows S'poreans still keen to invest in property

    [url]http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1057492/1/.html[/url]

    [B][SIZE="5"]Survey shows S'poreans still keen to invest in property[/SIZE][/B]

    By Georgina Joseph | Posted: 18 May 2010 2157 hrs


    SINGAPORE : Despite the economic uncertainties in Europe, many Singaporeans are still keen to invest in a new property.

    A recent survey by PropertyGuru, an online property site, found that seven in 10 home hunters will buy a property in the next 24 months.

    The private residential market remains resilient with a bumper sale of 2,207 new units in April.

    Private apartments are hot property, and public housing flats are also enjoying good demand since the second half of 2009.

    Announcing its survey results at the sidelines of the Cityscape Conference, PropertyGuru said that market sentiment remains strong in the near term.

    Steve Melhuish, CEO, PropertyGuru, said: "Some of the drivers for that are the interest rates are still low - so cost of borrowing is very low - and people's general wealth has continued increasing.

    "So if you look at just HDB, prices have increased 45 per cent in the last three years, so if you bought a HDB (flat) three years ago, you will be 45 per cent better off in terms of value of property."

    Its survey findings found that 75 per cent of home seekers hope to buy a property within the next two years, while four in 10 want to upgrade to a better unit in the next 12 months.

    PropertyGuru added that only seven per cent of those polled wish to downgrade to a smaller apartment.

    The respondents also expect property prices to rise by six to 10 per cent in the next year.

    PropertyGuru said that the majority of them felt that homes are generally too expensive.

    Mr Melhuish said: "But what was interesting in our survey, which was actually conducted after all these government measures, was that 75 per cent of those surveyed said property prices were still unaffordable and still too expensive.

    "And out of those people who said that, 58 per cent said that the government measures to cool the market were not enough, and they wanted to see even tougher measures to cool the market down."

    PropertyGuru expects total home sales for the year to range between 13,000 and 14,000 units, which is line with analysts' forecast of 13,000 to 16,000 homes.

    The survey polled 2,208 respondents between April 1 and May 12 this year. - CNA/ms

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    Default New survey shows buyers positive about property

    [url]http://www.businesstimes.com.sg/sub/news/story/0,4574,386531,00.html?[/url]

    Published May 19, 2010

    [B][SIZE="5"]New survey shows buyers positive about property[/SIZE][/B]

    [B]75% of active property seekers hope to buy a home within next 2 years[/B]

    By UMA SHANKARI


    THREE out of four potential home-buyers feel that the prices of private homes and resale HDB flats in Singapore are too high, a new survey has found. But this has not put them off; 75 per cent of active property seekers still hope to buy a home within the next two years.

    The survey, which was commissioned by property website PropertyGuru, also found that 58 per cent of the more than 2,200 people surveyed feel that the government is not doing enough to keep property prices in Singapore affordable.

    Steve Melhuish, chief executive and co-founder of PropertyGuru, said that this was 'surprising' as the survey was conducted in April and May this year - after two sets of cooling measures were already introduced by the government in September 2009 and late February this year.

    Overall, the survey showed that investor confidence in the property market remains strong after a bullish 2009.

    Some 75 per cent of respondents feel that Singapore properties are too expensive. But buying activity will continue in spite of this, if the findings are to be believed.

    Answers from a sub-set of 657 active property seekers found that 75 per cent are looking to buy a property in the next 24 months. And 10 per cent plan to buy two or more properties.

    'The survey shows that the majority of consumers feel positive about the property market and intend to buy at least one property within the next two years. However, they also think the real estate is too expensive and would prefer the government to take further action to cool prices,' Mr Melhuish said.

    He speculated that potential buyers could be looking to pick up properties as they expect prices to climb further in the future. The survey found that prices of private homes and HDB flats are expected to climb over the next 12 months.

    Most respondents expect HDB resale prices and private property prices to rise 6-10 per cent over the coming year.

    The survey also found that 50 per cent of the 657 respondents who planned to buy a property within the next two years are going to pick it up for investment and to generate rental income. The majority of these type of buyer are at least 35 years old.

    But 39 per cent of buyers - a large proportion of whom are in the 25-34 years age group - are buying their first property for their own living.

    Another 8 per cent of buyers are purchasing property for their extended family (parents or children). Most of these buyers were also at least 35 years old.

    The survey, conducted between April 1 and May 12 this year, was commissioned by PropertyGuru and managed by research agency Pulse group. A total of 2,280 respondents comprising PropertyGuru's users as well as people from Pulse's Singapore database were surveyed.

    Mr Melhuish said that his company wants to create a quarterly consumer sentiment survey to better understand property buyers' intentions. The survey will be conducted every quarter.


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