You might be wondering, why on earth would anyone want less space? Well, it’s much more common than you’d think! In recent years, there were fewer people living in each household on average, and the number of households rose. At the same time, there’s been rise in singlehood and an ageing population, and all of these shifting demographics show that there’s potentially a need to review Singapore’s housing policies and urban planning. What does this look like for average Singaporeans? UnlockHome breaks it down:
Shrinking household sizes means a need for smaller homes. Although we’d all love to live in a huge GCB, it’s simply not practical, or affordable for a family of 3 to occupy it. What are we even going to do with so many bedrooms? We’re likely to see smaller homes available on the market to meet the needs of the shrinking household sizes. At the same time, younger people are facing financial burdens on multiple fronts, from study loans to medical bills from elderly parents, and this financial pressure could also push them to buy a smaller, more affordable home. And of course, the rise in singles looking for homes could also push demand for smaller homes up higher, as singles would likely be looking for a much smaller home to live in.
What about lease length? This need is driven by our aging population. Although there are various options available in the public housing market for seniors, including two-room flexi flats and assisted living flats, there’s much room for improvement in the private housing sector. Perhaps also, there could be more projects with shorter leases, to make them more affordable for the elderly.
Then again, it’s also important to note the current market trend towards larger homes, especially with work-from-home increasingly becoming a way of life. There’s been an increasing trend towards spacious homes, as seen from buying trends, with a strong demand for four and five room flats particularly in 2020.
With that being said, it seems as if Singapore will have to strike a delicate balance, and continue to adapt their policies accordingly. What do you readers think? Leave your thoughts in the comments below!
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