Millennials in Singapore are actually in a stronger position in terms of property ownership than many would assume.
According to a study by HSBC, surveying 1,000 respondents in Singapore, millennials between the ages of 21-36 are the most likely segment amongst all generations in the city-sate to be multiple property owners.
While 54% of Singaporean millennials surveyed are home owners, 43% expect to own more than one home, with 74% intending to use their second home for investment purposes or to rent out.
‘Whilst the Singapore property market has cooled over the past few years, it is now on track for a recovery especially on the back of recent enbloc activities,’ said Anurag Mathur, head of retail banking and wealth management at HSBC.
Singaporean millennials are also proving to be focused savers and very astute in going after the most competitive mortgage rates, the study found.
What’s more on average, millennial home owners take five years to save for a home deposit, less time than six years for baby boomers and seven years for Generation X.
About 47% said they check the price of their homes at least once a year, as well as switch their mortgage or home loan provider more than any other age group.
Mathur said as millennials are digitally savvy, they’re backing this up with financial savviness too.
‘Technology has also made it easier for property investors to research and track their loans. This is why it is so important that mortgage providers offer greater transparency,' he said.