Singaporeans list housing, living costs as top concerns in poll

SINGAPOREANS want the government to address housing affordability and cost-of-living issues better, according to a poll by YouGov, underscoring concerns brought on by an influx of rich immigrants and high-earners.   

Two out of three people surveyed said the government should place greater focus on housing affordability, while 89 per cent of people highlighted cost of living, according to the poll with 1,045 respondents conducted between Dec 14 to Dec 18. 

The country’s political stability attracts rich people from all over the world, a key edge as it vies with Hong Kong and London to manage global wealth flows. It’s also targeting high earners with a work visa to enhance its status as a financial centre. 

That’s all tipped the balance for the locals amid rising interest rates. Borrowing costs in Singapore have surged as central banks around the world hike rates to curb inflation. 

The city-state’s three major banks raised their fixed home loan interest rates in November, sparking concerns over home affordability. The country has also lifted its goods and services tax from 7 per cent to 8 per cent in 2023. 

Areas that Singaporeans said the government fared best in was maintaining law and order, as well as public health and economic management, the survey said.

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YouGov said it targeted specific demographics to ensure the final sample is representative of the population by age, gender, ethnicity and electorate, and has a margin error of 3 per cent. BLOOMBERG