Singapore Property | Singapore has once again tagged as one of the most expensive countries when it comes to the housing market as per the new report from real estate firm, CBRE. It is on the second spot next to Hongkong which again leads on 2018.
But how true is this? Or what could be the basis of the data? Are the facts all considered of the data given?
Well, let’s take a look into that.
Singapore has two kinds of housing, public housing, and private housing. Public housing composes roughly 75% of the housing stock. These kinds of housing are managed by a government agency, Housing Development Board which grants ownership to Singaporean citizens only. The other 25 percent or so is called private housing which is open for ownership to anyone, except for some locations like land properties that are bulk reserved for Singaporeans to own.
More on Facts Of Singapore Being Tagged As One Of The Most Expensive Countries When It Comes To Housing Market
However, it is just so obvious that these studies comparing prices between countries results in bias figures due to factors that should have been considered for the comparison. It seems like the comparison was concentrated on the private housing which foreigners could own which is unfair as it only covers a quarter of a total housing market. If to consider the totality, the distribution average of 2018 will show that above 70% of housing was below $1 million, way too much lower than those of the data on the international comparison.
It is unfair to have a conclusion without considering the total factors of the things and figures to compare. Comparing factor should be based on a fair and square manner like comparing between two apples. The conclusion will surely be different and bias if analogy will be isolated by segment rather than generally including the whole market.
Or it would be more accurate if comparison will be very specific based on the consideration and should not be a generalized assumption.
It would be difficult to have a perfect analogy result when it comes to housing as it could be tricky, but there are others that weigh the differences on a more direct and correct approach than others like of Demographia and Jones Lang Lasalle.