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Singapore'S Housing Policies: Responding To The Challenges Of Economic Transitions

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  • SOCK-YONG PHANG

    (Singapore Management University, 90 Stamford Road, Singapore 178903, Singapore)

Abstract

Singapore has developed its own unique state-driven housing system, with more than three quarters of its housing stock built by the Housing and Development Board and homeownership financed through Central Provident Fund savings. As a result, it has one of the highest homeownership rates amongst market economies. This paper provides a historical perspective of the main housing problems faced by successive prime ministers and their respective policy responses. Under the leadership of Prime Minister Lee Kuan Yew (1959–1990), the government established an integrated land-housing supply and housing finance framework to channel much needed resources into the housing sector to deal with a chronic housing shortage. Under Prime Minister Goh Chok Tong (1990–2004), asset enhancement schemes to renew aging estates as well as market deregulation measures were implemented. Prime Minister Lee Hsien Loong (2004–present) has been confronted with a different set of challenges — investment demand for housing, rising inequalities and rapidly aging population. These problems have brought about the introduction of carefully crafted macroprudential policies, targeted housing grants to assist low and middle income households, and schemes to help elderly households monetize their housing equity.

Suggested Citation

  • Sock-Yong Phang, 2015. "Singapore'S Housing Policies: Responding To The Challenges Of Economic Transitions," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 60(03), pages 1-25.
    • Handle: RePEc:wsi:serxxx:v:60:y:2015:i:03:n:s0217590815500368
    DOI: 10.1142/S0217590815500368
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    Cited by:

    1. Hwee Kwan Chow & Taojun Xie, 2016. "Are House Prices Driven by Capital Flows? Evidence from Singapore," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 1-21, February.
    2. Sumit Agarwal & Yanying Chen & Jing Li & Yi Jin Tan, 2021. "Hedonic Price of Housing Space," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(2), pages 574-609, June.

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