Despite the fall in property prices last year, the majority of Singaporeans feel home prices are still too expensive but are ready to enter the market when the price is right, according to a new survey.
In a survey published by online real estate portal PropertyGuru on Wednesday, 60 percent of Singaporeans polled said they believe property is still overpriced. Almost 70 percent said the government should maintain its cooling measures. The survey, which took place between October and December 2014, polled 940 people.
Private home prices on the island declined 4.3 percent last year as property curbs continued to work their way through the market and buyers remained cautious. Resale prices of public housing, or Housing Development Board (HDB) flats, fell 6 percent.
Since 2009, the government has introduced eight rounds of measures to crack down on property speculation and take some heat out of the market.
Property remains a hot-button issue among Singaporeans, many of whom feel rising living costs in the city-state are hard to cope with.
Singapore ranked as the most expensive city in the world to live in last year, according to the Economist Intelligence Unit, reflecting its strong local currency and the high cost of cars, utilities and clothes.