Saturday, May 12, 2012

Not In Our Dreams

Recently, a report from Bloomberg state that at the current average salary of a Singaporean, it will take him 43 years before he can manage to buy a luxury home in his own country. Some Singaporeans have already taken this as proof on how pricey homes in Singapore is.

I can’t help but laugh at this.I think everyone has sort of miss a point in this. A luxury home? Whoever at Bloomberg who wrote this report don’t know Singapore or Singaporeans very well. Most Singaporeans don’t bother with luxury homes; we can’t even afford a normal flat! Even if a normal couple were to buy a flat in Singapore, they will usually have to take a 20-25 year loan from the bank. A luxury home? It’s not even in our equation; hell, it's not in our dreams! 

So Singaporeans who take this report as proof on how high home prices are in Singapore; don't bother. Most Singaporeans can't be bother about prices of the homes in Sentosa Cove, they just worry about the prices of HBD flats. 


idli said...

what does bloomberg deem a "luxury home"? a 99-year-lease shoebox flat with marble floors that is part of a condo where the amenities include a pool, gym, barbecue pit? sporeans are taking about 10, 15 years to pay for one of those.

if bloomberg is talking a simple 1500sq ft freehold private flat, it's gonna take double that. in fact leasehold versions are taking double that! anything with land involved will take even longer.

so when it comes to luxury, bloomberg's calculations are obviously way off. on top of that, would anyone be brave enough to bet he will have a job for 43 years? he who does is a gambling man and a total dreamer.

Ghost said...

Unfortunately, there people like that in Singapore. If a couple is willing to take a 20-25 year loan to finance their home, it's not that long of a stretch to think 1 person would be willing to take between 40 to 50 years to finance a home himself.