Consumer sentiments report says affordability remains a top concern; tighter restrictions seen to impact sales but not prices
SINGAPORE, Feb. 4, 2013 /PRNewswire/ -- The iProperty Group, owner of Asia's No. 1 network of property portal sites under the iProperty brand (www.iproperty.com) today released its iProperty.com Asia Property Market Sentiment Report (APMSR) H1 2013( http://www.iproperty.com.sg/asia-property-market-sentiment-report ), revealing a continuing clamor for Government to heighten the affordability of public housing.
"Singapore property buyers understand that prices will continue to go up, but appreciate the Government stepping in to manage the pace and ensure that public housing will remain within their reach," said Sean Tan, General Manager of iProperty.com Singapore.
Tan said the seventh round of cooling measures, which was announced on 12 January 2013, just two weeks after the survey was completed, would impact property sales but unlikely to make a dent in terms prices.
"The new measures would certainly make residential property buyers more cautious. In fact, the sentiments report already reflects this trend, with more than half of the consumers surveyed said they may be deferring their purchase much longer to up to two years. I think we can expect property sales to dip slightly as a result of the new measures, but prices will continue to go up, or at best, remain flat in 2013," he added.
He continued, "However, low interest and high liquidity are expected to keep the property market buoyant, even in the face of tighter restrictions."
Carried out in four markets - Singapore, Malaysia, Indonesia and Hong Kong with a total of 17,303 respondents, including 2,099 from Singapore, the iProperty sentiments survey aims to provide property investors, buyers, sellers and owners - both locals and expatriates - with insights into the property market from a consumers' perspective.
In Singapore, rising property prices resurfaced as a top concern, and sentiments lean towards Government taking a more active stance to decelerate the increases.
While respondents seemed to favour stricter market restrictions, a surprising 70% indicated that they were likely to support government moves to allow singles to buy new HDB flats, a reversal of the current rules that limit HDB flat ownership to singles over the age of 35 who purchase on the open market. Changing the rules would allow singles, too, to enjoy the benefits of subsidized public housing.
Key findings include:
-- 64% of the survey respondents felt the current resale prices of HDB flats are not affordable to the average Singaporean family
-- 50% of survey respondents predicted prices will continue to rise over the next three years despite an increased supply of build-to-order (BTO) flats
-- 67% of those surveyed opined that government should take more active steps to cool the market -- 41% of the respondents felt that the government is not doing enough to ensure sufficient housing is available to foreigners
Overall, the forecast for the Singapore property market in 2013 remains positive, with 55 % of respondents unfazed by fears of a property bubble. Majority of respondents (66%) are confident that their property will retain its value in 2013.
Market Realities
The report also revealed an interesting alignment between consumers' preferred measures to curb HDB price increases and the government's approach.
Respondents' felt HDB prices could be better controlled if the Government were to adopt measures such as, imposing stricter guidelines for permanent residents subletting or selling their HDB flats (45%); putting a cap on resale prices of HDB flats (30%); and putting a levy on subletting HDB flats (25%).
"The issues and proposed solutions that figured prominently were addressed in the latest round of cooling measures. It is a testament to how the study reflects market realities," Tan added.
To deliver more useful insights to property buyers and sellers, iProperty.com Singapore has partnered with Ascendant Assets Pte Ltd, one of Singapore's real estate research consultancies, to analyse the sentiments and how the trends have evolved over the past few years.
"In the 2013 survey, about 72% of the respondents indicated that they do not intend to buy a property in the next one year. For consumers, it is not easy to fathom what 72% means. However, if consumers know that only 38% gave that answer the year before, it would definitely be more telling. We are working with iProperty.com Singapore to identify these underlying trends so that the study can become a truly invaluable tool that consumers can use in deciding when, where and what to buy," said Getty Goh, Director of Ascendant Assets Pte Ltd.
Download full report at http://www.iproperty.com.sg/asia-property-market-sentiment-report.
About iProperty.com Singapore (www.iProperty.com.sg)
iProperty.com Singapore is Singapore's leading real estate website( http://www.iproperty.com.sg ). Each and every month, iProperty.com helps tens of thousands of Singaporeans, expatriates and foreigners find their dream homes or investment properties. The portal provides the largest database of the most up-to-date listings to help you make informed decisions. iProperty.com is also the official partner of the Singapore Institute of Estate agents (IEA), and MSN's exclusive property partner, powering their real estate channel.
About iProperty Group Limited (www.iproperty-group.com)
Listed on the Australian Securities Exchange, the iProperty Group (ASX:IPP) owns and operates Asia's No.1 network of property websites under the iProperty.com umbrella brand. Headquartered in Kuala Lumpur, Malaysia, the Company is focused on developing and operating leading real estate Internet portals with other complementary offerings in Asian markets. It currently operates online property portals for consumer and business needs in the markets of Malaysia, Indonesia, Hong Kong, Macau, and Singapore, and has investments in India and Philippines. Most of its sites are ranked first in their respective markets. Along with 18 property websites around the region, the Group's portfolio also includes the first comprehensive regional commercial property website, CommercialAsia.com, as well as a regional property exhibition business and a Malaysian monthly property magazine.
The iProperty Group Network of websites are Malaysia: iProperty.com Malaysia( http://www.iproperty.com.my ), Singapore: iProperty.com Singapore( http://www.iproperty.com.sg ), Indonesia: rumah123.com( http://www.iproperty.com.sg/asia-property-market-sentiment-report ) and rumahdanproperti.com, India: iProperty.com India( http://www.india.iproperty.com ), Hong Kong: GoHome.com.hk( http://www.gohome.com.hk ) and House18.com( http://www.house18.com/main.php ), Macau: vProperty.com, Philippines: iProperty.com Philippines( http://ph.iproperty.com ), Commercial: CommercialAsia.com( http://www.commercialasia.com/commercial-property-for-sale ), Luxury: iLuxuryasia.com( http://www.iluxuryasia.com ).
About Ascendant Assets (www.AscendantAssets.com)
Ascendant Assets Pte Ltd is a real estate research and investment consultancy that specialises in providing research and analysis on the Singapore property market. The firm's strength lies in customising solutions and providing sound advice that adds value to a client's property investment. We provide the following services:
-- Structure property investment deals
-- Provide real estate research services
-- Provide project co-ordination for property redevelopment
-- Assist foreign investors invest and manage their properties
-- Help SMEs diversify through property investments
Ascendant Assets is not a real estate agency. We do not market properties or broker property deals. The firm focuses on helping its clients make informed property investment decisions by providing research and statistics. Since its establishment in 2008, Ascendant Assets has lent its expertise to public and private sector clients, investors as well as homeowners.
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SOURCE　iProperty.com
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