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    Housing Policies in Singapore

    Phang, Sock-Yong; Helble, Matthias | March 2016
    Abstract
    Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among market economies. At different stages of its economic development, the Government of Singapore was faced with a different set of housing problems. An integrated land–housing supply and financing framework was established in the 1960s to solve the severe housing shortage. By the 1990s, the challenge was that of renewing aging estates and creating a market for HDB transactions. Housing subsidies in the form of housing grants were also introduced. Recent challenges include curbing speculative and investment demand, as well as coping with increasing income inequalities and an aging population. These have brought about carefully crafted macroprudential policies, targeted housing grants, and schemes to help elderly households monetize their housing equity. This paper analyzes key pillars of the housing policy, specifically land acquisition, the HDB–CPF system, the role of markets, housing market interventions, the Ethnic Integration Policy, and the Lease Buyback Scheme. It concludes with lessons learned for other countries.
    Citation
    Phang, Sock-Yong; Helble, Matthias. 2016. Housing Policies in Singapore. © Asian Development Bank Institute. http://hdl.handle.net/11540/9755.
    Keywords
    Rural planning
    Economic development
    Economic indicators
    Standard of living
    Development projects
    Development policy
    Housing projects
    Development models
    Social reform
    Urban planning
    Public Borrowing
    Credit Policy
    Banks
    Cultural Development
    Development Economics
    Development Issues
    Financial Sector Development
    Infrastructure Development
    Urban Development Finance
    Financing
    Financial System
    Financial Sector Reform
    Financial Institution
    Bank Financing
    Real estate development
    Housing development
    Community banks
    Mortgage banks
    Housing policy
    Tax administration and procedure
    Real property and taxation
    Property tax
    Credit control
    Banks and banking
    Title companies
    Tax deductions
    Accounts
    Savings
    Inheritance and transfer tax
    Trusts and trustees
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/9755
    Metadata
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    adbi-wp559.pdf (337.8Kb)
    Author
    Phang, Sock-Yong
    Helble, Matthias
    Theme
    Development
    Finance
     
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise