Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222153
Title: A STUDY OF INDIVIDUAL'S EXPECTATION IN PURCHASING RESIDENTIAL PROPERTY
Authors: WONG SHI MIN
Keywords: Real Estate
RE
Lee Nai Jia
2014/2015 RE
Issue Date: 12-Dec-2014
Citation: WONG SHI MIN (2014-12-12). A STUDY OF INDIVIDUAL'S EXPECTATION IN PURCHASING RESIDENTIAL PROPERTY. ScholarBank@NUS Repository.
Abstract: This dissertation looks into the mismatch of housing preferences between the housing provided by the government and the expectations of the public. One of the possible causes of the mismatch is due to unrealistic expectations of buyers. Individuals are deemed to have unrealistic expectations when they desire a house exceeding their affordability. Thus, this study will look into the underlying reasons prompting these unrealistic expectations that cause the mismatch. Firstly, data was collected in the form of a survey questionnaire from the non-married individuals to observe their housing preferences as prospective first-time homebuyers. Secondly, the key variables identified are income, difference in spouse’s income, current dwelling type and mismatched expectations. Then, the multi linear regression was used to model the relationship between mismatched expectations and all other possible determinants influencing it. The results from the research indicated that individuals have unrealistic expectations when they decide to purchase residential property. The causes for their unrealistic expectations could be attributed to the overestimation of their potential income growth, the overestimation of their prospective spouse’s income and the anchoring effect of their current dwelling type. Subsequently, these unrealistic expectations would cause the individuals to desire a house beyond their affordability, leading to the mismatched expectations. The research findings have strong implications for the government and Housing Development Board (HDB). Despite the provision of more flats at affordable price, the housing issue is not entirely solved because many citizens still find housing unaffordable. Hence, this dissertation will conclude by providing recommendations for possible improvements in the provision of public housing.
URI: https://scholarbank.nus.edu.sg/handle/10635/222153
Appears in Collections:Bachelor's Theses

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