Singapore's burgeoning economic growth has helped in the fast growth of the housing market and the subsequent demand for the home loans. Home loans in Singapore experienced a rapid growth over more than 90% in the year 2003 as compared to only 29% in 1973. Relevant to the high cost of the home loans in Singapore, residential buildings and properties are considered to be the most precious family asset. Despite the runaway price of the home loans in Singapore, nearly 47% of the entire assets in the housing sector were placed in residential buildings and properties in 2003.
Housing Sector Assets in Singapore at the end of 2003
Total Assets in the Housing Sector-----S$ 766.56
Residential Property Assets constitutes 46.8% of the total assets.
Financial Assets constitutes 53.2% of the total assets.
Let us now examine the home loan rates of the HDB flat residents and also the home equity value in the HDB flats, occupied by the owners. Here, the households are divided into 3 major income-groups as per their per capita income.
Highest income Group constitutes about 20% of the total HDB residents
Middle Income Group constitutes about 60% of the total HDB residents
Lowest Income Group constitutes about 20% of the total HDB residents
Home-ownership is all too common in Singapore particularly with those residing in the HDB flats. A survey carried out in the year 2003, found that about 93% of the residents of the HDB flats were the owners of the flats and constituted about four-fifths of the total Singapore's household.
The home-ownership rate of families according to their residing type in the year 2003
Families residing in private housing----88%
Families residing in HDB flats-----93%
A big proportion of the families belonging to the higher income groups own the larger flats while the lower-income families stay as tenants in 1 and 2 bed-room HDB flats.
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