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Sep 14, 2022 01:06 PM
WORLD

Singapore Property Is Unaffordable, Six Out of 10 People Say

The central business district skyline from the Marina Bay Sands in Singapore on Nov. 3, 2020. Photo: Bloomberg
The central business district skyline from the Marina Bay Sands in Singapore on Nov. 3, 2020. Photo: Bloomberg

(Bloomberg) — Singapore is defying a global property downturn, fueling concerns about affordability within the city-state. 

Nearly six in 10 people who want to rent or buy said they find property becoming more unaffordable, according to a poll of 790 respondents conducted in July by 99 Group, which operates online home rental portals.

The price jumps are fueled by a shortage in supply due to construction setbacks during the Covid-19 pandemic, and demand spikes from people looking for upgrades and an influx of well-to-do foreigners. Buyers are brushing aside concerns about rising interest rates that have dented property markets from Australia to New Zealand. 

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