By: Leong Sze Hian
Property boom from 2008 to 2013
I refer to the article “Investing in commercial real estate in Singapore” which reported that “many Singaporeans rode the property boom in the years from 2008 to 2013 to build a substantial level of wealth for themselves. But the last three years have been unkind to Singapore’s property market.”
Prices increased by 62%?
The URA Private Residential Property Price Index increased by about 62 per cent from 95.3 (2009 Q2) to 154.6 (2013 Q3).
Incomes increased by only 28%?
In contrast, the Median Gross Monthly Income From Work (including Employer CPF Contributions) of Full-Time Employed Residents – increased by only about 28 per cent, from $2,897 in 2008 to $3,705 in 2013.
And we have not even adjusted for the median gross monthly income of all Singaporean (excluding PRs) workers (full-time and part-time) excluding employer CPF contribution!
0.5m increase in foreigners vs 0.1m increase in S’poreans?
Arguably, this was fueled by the huge increase in the non-Singaporean population
And we have not even adjusted for new citizens granted during that period!Follow us on Social Media
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