NEW HOUSING CHALLENGES
Beyond affordability, policymakers today have to deal with a population greatly different from the early yrs. A multi-disciplinary method that co-opts market stakeholders is needed to deal with challenges posed simply by demographic shifts, like the rising number of singles , low fertility and an ageing inhabitants.
How do we all revise existing family-centric housing policies to fulfill the growing needs of singles based on a consumption and purchase patterns?
Expanding housing options for old homeowners and retirees, including the Lease Buyback Scheme, Silver Casing Bonus (SHB) and much more 2-Room Flexi units, is urgent given that more residents may reach 65 yrs by 2030.
Amid an ageing populace , more elderly people may also need treatment support near their own homes. Kampung Admiralty , Community Care Flats at Bukit Batok West and the pilot Queenstown Health Area offer new casing typologies that market active and healthful ageing for older residents .
Meeting the demand for these new housing services and needs will need more fiscal financing from public coffers. Given limited sources, policymakers must stability between providing customised housing needs pertaining to elderly residents plus ensuring housing requirements are still within reach for that masses.
Housing aspiration has been one of the social levers in order to push social mobility in Singapore. First-time homebuyers may dread missing out on the housing industry. Recent events, such as rising interest rates as well as the possibility of a recession in 2023, might eclipse such worries.
And yet, they ought to not chase their housing dreams at all costs. Stretching their casing expenses beyond their particular financial means could hit them tough when the market upcycle reverses in path.
Professor Sing Tien Foo is Director from the Institute of Real-estate and Urban Studies (IREUS), National University or college of Singapore (NUS). The views and opinions expressed here are those of the author and don’t represent the views and opinions of NUS, its subsidiaries or affiliates.