More buying properties for investment purposes and using the internet to aid their decision-making process
SINGAPORE, January 15, 2008 – The iProperty.com Group, Asia’s leading network of property portals, today unveiled the results of its online Asia Property Trends Survey 2007. The Survey revealed the buying habits and trends of 2,066 local and overseas property buyers in Asia who visited the iProperty group of sites between November 15 and December 31, 2007.
Despite the shaky financial market exacerbated by the sub-prime crisis in the US and rising crude oil prices, Singaporeans remain keen on putting their money into property.
Of the Singaporeans surveyed, a majority (61%) indicated intent to purchase property within the next 12 months. 65% of Singaporean respondents indicated their purchase was solely for investment purposes. 47% of Singaporean respondents indicated that potential profits from capital appreciation was a pull factor for purchasing property while 43% indicated passive rental income (43%) as a pull factor.
Generally, Singaporeans remained keen on investing in the local property market (78%) with a majority willing to pay not more than US$500,000 per property. Taking into account today’s high property prices, this price range would limit purchases to HDB flats and mid-range condominiums. Therefore, it is no surprise that 59% of Singaporeans are also keen in investing in Malaysia where property is significantly cheaper making luxury condominiums and landed property, which could potentially offer a better return on investment, more attainable.
The survey also revealed the growing importance of the internet (43%) versus more traditional mediums such as newspaper classifieds (22%) as a means to look for properties. More than 50% of Singaporean respondents indicated the internet was their primary means of looking for property mainly due to its time-saving attributes and 24/7 availability.
Table 1: Singapore, Medium used to search for property, November 15 – December 31, 2007
Medium |
% Respondents |
Internet |
43% |
Local newspaper classifieds |
22% |
Local agent in country |
16% |
Real estate magazine classifieds |
14% |
Friends/relatives |
6% |
Others |
0% |
Said Patrick Grove, Executive Chairman of the iProperty.com Group, “People are becoming more attune to the fact that the internet provides the most convenient way of searching for properties. You can go online, browse listings at your own pace, view photos and videos of prospective properties as well as research market trends. Another distinct advantage of the internet is that it also allows you to view overseas properties without having to leave the country.”
According to the survey findings, location (45%) and price (22%) were top on Singaporean’s priorities when looking for a property.
“Land is a very rare and precious commodity in Singapore, therefore, it is especially important to invest in properties located in good areas. It is common knowledge that properties located in districts 9, 10 and 11 fetch higher prices, similarly factors such as proximity to schools, MRT stations and even parks can affect the perceived value of a home. Online property portals offer functions such as satellite maps which give potential home buyers a bird’s-eye view of the exact location of a property relative to its surroundings, at the click of a mouse. Remember, it’s all about location, location, location,” added Grove.
Table 2: Singapore, Factors taken into consideration when purchasing property, November 15-December 31, 2007
Factors |
% Respondents |
Location |
45% |
Price |
22% |
Financing options |
6% |
Country’s foreigner friendly policies |
4% |
Potential rental yield |
4% |
Developer/brand |
0% |
Potential capital appreciation |
0% |
Highly recommended by friends/family/agents |
0% |
About iProperty.com Singapore
iProperty.com Singapore is Singapore's No.1 property and real estate website with more than 200,000 current and archive property listings. Working with more than 800 real estate agents, we host the largest and most comprehensive online database of properties for sale and rent in Singapore.
About iProperty.com (www.iproperty.com)
iProperty.com is Asia’s leading network of property portals, with over 750,000 unique users every month. The Group operates consumer and business online property portals in the markets of Singapore, Malaysia, Hong Kong and Philippines, with a Heads of Agreement in place to acquire an online property portal in Thailand.
iProperty.com has an average of over 100,000 property listings available on its network daily, and is used by more than 4,000 real estate agents and 100 developers. With further expansion planned, iProperty.com is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region. iProperty.com is a wholly-owned subsidiary of Australian Stock Exchange-listed IPGA Limited (www.ipgalimited.com), (ASX: IPP).
iProperty.com Network of Websites:
Singapore: iProperty.com Singapore
Malaysia: iProperty.com Malaysia and iLuxury.com.my
Hong Kong: GoHome.com.hk and House18.com
Philippines: iProperty.com Philippines
For media queries, please contact:
Harpreet Kaur/Tracy Goh
PR Communications Pte Ltd
Tel: (65) 6227 2135
Email :harpreet@prcomm.com.sg/
tracy@prcomm.com.sg
Chris Cheung
iProperty.com
Mobile: (65) 98428922
Email: chris@iproperty.com
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