Singapore’s real estate scene has changed noticeably in recent years as more young people choose private condominiums as their first homes. Senior director of data analytics at Huttons Asia Lee Sze Teck notes that, compared to 20% five years ago, almost thirty% of new private house buyers are now 35 or younger. The attraction of more freedom and less constraints than in HDB apartments or Executive Condos drives this trend.
Another important consideration is private house financial potential; Lee notes the significant price rise in the Outside Central Region between 2009 and 2Q2024. Private properties appeal as this increase exceeded that of HDB resale values. Data from the Department of Statistics shows a consistent increase in young people living in private households since 2011, so supporting this trend.
Chief researcher and strategist at OrangeTee Group Christine Sun explains this change to the attraction of private homes’ investment possibilities, lifestyle choices, and first-rate amenities. Still, affordability is really vital. Lee advises ambitious buyers to select two-bedroom homes and follow a disciplined savings strategy since growing salaries among younger generations make private house ownership more realistic.
Although there are chances, Sun encourages caution and stresses the need of thinking through all financial factors, including possible family expenses, before making such a major purchase. She emphasises the significance of buying within one’s means to prevent financial burden from too high debt. Changing goals and economic reality for Singapore’s younger house purchasers are reflected in this trend as it develops.
