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In 2024, the home ownership rate among residents in Singapore was at **** percent, an increase from the previous year. Singapore has high rates of home ownership, despite being among the world’s most expensive property markets.

Singapore’s public housing policy hinges on high rates of home ownership

Home ownership is seen as key to nation-building in Singapore, and thus makes up the core of its public housing policy. The Home Ownership Scheme, introduced in 1964, provides grants and subsidies to Singaporean citizens planning to purchase a housing unit under the management of the Housing Development Board (HDB). As a result, ** percent of the residents in Singapore live in public housing.

Priced out of the private market?

While new HDB units are only available for Singaporean citizens, the resale and private housing market are open to non-citizens as well. Private residential property in Singapore is seen as an attractive and safe investment for many foreign buyers. Luxury private apartments, costing millions of dollars, are unattainable for many residents