Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/234539
Title: IMPACTS OF CPF CHANGES ON THE AFFORDABILITY AND PROPENSITY OF PUBLIC HOMEOWNERS TO BUY PRIVATE HOUSING IN SINGAPORE
Authors: CHUA YI NI
Issue Date: 2006
Citation: CHUA YI NI (2006). IMPACTS OF CPF CHANGES ON THE AFFORDABILITY AND PROPENSITY OF PUBLIC HOMEOWNERS TO BUY PRIVATE HOUSING IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: With a homeownership rate of 92.3% (Census of Population, Singapore, 2000), Singapore has the highest homeownership rate in the world. Of these, 89% are public homeowners and 11% are private homeowners. Under the revised housing loans guidelines as of 19 July 2005, the maximum loan is raised from 80% to 90% of the purchase price or the market valuation of the property, whichever is lower. Consequently, the initial down payment is reduced to 10%. The purpose of this study is to find out the changes in the private housing accessibility and affordability of current public homeowners as a result of the reduced down payment constraints, assess the impact of the relaxation of finance regulations on homeowners' mobility decisions and lastly, to construct a housing choice model to find the propensity of current public homeowners to upgrade to private housing. It was found that housing affordability was increased for all median-priced private housing types, except for the detached private house which remained unaffordable to all public homeowners. However, survey results show that the relaxation of housing finance regulations had little or no influence on homeowners' mobility decisions, suggesting that housing finance was not the only consideration for homeowners when buying property. Lastly, the housing choice model showed that significant variables affecting the private housing choice of current public homeowners are household characteristics and their housing affordability.
URI: https://scholarbank.nus.edu.sg/handle/10635/234539
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