Singapore’s housing landscape is changing. More people are choosing to live in private condominiums than ever before.
Singapore Department of Statistics (SingStat) data reveals that over 700,000 residents, including both Singapore Citizens (SCs) and Permanent Residents (PRs), live in private condos by 2024. This figure almost doubled the stat from 15 years ago – a huge shift driven by changing housing preferences, higher incomes, and a strong desire to upgrade from public housing.
As reported by The Bussiness Times, SingStat data shows that nearly 17% of Singapore’s residents now live in private condominiums, a significant increase from just 10% in 2009. In contrast, the proportion of people living in HDB flats has fallen from 83% to 76%. Even the number of landed home residents has declined slightly.
This shift is not just about numbers. It reflects a growing preference for private housing among younger buyers. More Millennials and Gen Z buyers now see condos as a lifestyle upgrade.
The appeal of better facilities, privacy, and investment potential makes private homes more attractive than ever. Additionally, PRs with limited options continue to see condos as a viable choice, even with the Additional Buyer’s Stamp Duty (ABSD).
Not only are more people living in private apartments, but homeownership rates among condo residents have also surged. In 2024, 85% of Singapore resident households living in condos and other apartments owned the properties they lived in.
In 2009, only about 91,000 households owned the private condos they occupied. By 2024, this number had soared to over 220,000. Many of these buyers used to own HDB flats, which they sold at high resale prices before upgrading to private
homes.
However, while upgrading has been a trend for years, analysts said it might slow down in the future. Private property prices are now at record highs. With Singapore’s economy becoming more competitive, some buyers may think twice before making the jump.
Source: The Business Times
