Rising Costs Cloud Singaporeans’ Satisfaction Quality Life Knight Frank Ipsos Survey
Singapore has achieved remarkable growth over the past six decades, transforming into a high-income economy. However, as the country stands at a crossroads, it must now chart its next phase of development.
In order to make informed decisions, it is crucial to understand what really matters to people today. What are their hopes, concerns, and aspirations when it comes to their living, working, and recreational spaces?
According to the inaugural Quality of Life (QoL) Report by Knight Frank and Ipsos, a leading global research and polling firm, three out of four Singaporeans express satisfaction with their current living conditions. However, many remain anxious about the future, particularly job security.
The survey highlights that rising costs are the biggest worry, cited by 52% of respondents, impacting all aspects of life. This is a major concern that could shape future expectations.
The report delves deeper into what residents value most, areas where they see room for improvement, and how cost concerns may impact urban planning and housing preferences in the future.
Housing priorities are fundamental to quality of life. The survey reveals that price (92%) and location (90%) remain the top considerations when choosing a home. Proximity to public transportation (68%) and floor area (67%) are the third and fourth most important factors respectively.
The survey also shows that green and tranquil spaces (17%) have become increasingly important, ranking higher than schools (14%) and recreational amenities (12%). This reflects a growing desire for wellness-oriented environments within the built landscape.
The relatively lower priority placed on schools could be attributed to government efforts to raise education standards across the island, giving families greater confidence in schools in all neighbourhoods.
Interestingly, proximity to parents (30%) emerged as a significant factor outside of the prescribed options. This highlights evolving family dynamics: young parents rely on grandparents for support, while adult children seek to live near ageing parents to provide caregiving. This trend reinforces the demand for homes in mature estates, where intergenerational support is easier to manage.
Research has consistently shown that access to quality communal and wellness facilities can positively impact individuals’ quality of life. In line with housing priorities, food and retail spaces (87%) rank as the most essential amenities, underscoring the importance of daily convenience. Parks and green spaces (78%) ranked second, reflecting residents’ desire for nature as both a form of recreation and a respite from urban stress.
Sheltered walkways (66%) also ranked highly, aligning with Singapore’s tropical climate and its push for active mobility networks. Wellness and healthcare facilities (65%), fitness and sports facilities (57%), and community centres (45%) further emphasise the value placed on holistic, health-conscious living.
When ranking communal spaces, respondents favoured greenery and rooftop gardens (66%), followed by wellness and community spaces. Co-working spaces near home scored lowest (27%), suggesting that residents prefer a clear separation between work and home life.
These findings suggest that residential developments integrating green spaces, healthcare, retail, and weather-protected connectivity will resonate strongly with buyers.
The survey also reveals the trade-offs residents are willing to make. Thirty percent would pay more for a better location and connectivity – the most common trade-off – underscoring the enduring importance of “location, location, location”. Meanwhile, 20% are open to longer commutes in exchange for larger homes at lower prices per square foot (psf), valuing space and tranquillity over convenience, especially as hybrid work arrangements take hold. Eighteen percent prefer older developments with larger layouts over newer, smaller units, highlighting a pragmatic appreciation for space and the durability of older housing stock.
Despite high satisfaction levels (75% scored 4 or 5 on a scale of 1-5), 65% still worry about future housing affordability. Concerns are strongest among younger buyers and those looking to upgrade.
Affordability concerns could explain why 26% of respondents chose public housing in suburban areas as their preferred option. While over 40% aspire to live in private homes, aspirations for prime locations remain muted – only 15% desire prime public housing, and 12% prime private homes. This reflects general contentment with non-prime, well-connected neighbourhoods.
Given that public housing makes up over 70% of the total housing stock, the survey suggests that upgrading aspirations remain moderate. The findings also hint at a potential policy discussion around the Additional Buyer’s Stamp Duty (ABSD) of 60% on foreigners, which has dampened foreign demand in prime areas.
Residents seek not just a house but also a holistic living experience – balancing private comfort with accessibility, greenery, and wellness infrastructure. This aligns with the Urban Redevelopment Authority (URA) and Housing & Development Board’s (HDB) planning efforts to integrate mixed-use developments, active mobility networks, and community facilities into estates.
For developers, the message is clear – successful projects must go beyond unit design to deliver location efficiency, seamless connectivity, and high-quality communal spaces.
The survey also highlights that price and affordability remain the top priorities, with 92% selecting them among their top five factors. Despite slower price growth, two-thirds of respondents are somewhat concerned about affordability, with 35% expressing explicit worry. Analysis of the price-to-household income ratio reveals that new private home prices have outpaced income growth, rising from 11.8 in 2019 to 18.9 in 2024. This surge was driven by post-pandemic pent-up demand, land scarcity, and rising construction costs, as well as intergenerational wealth transfers supporting higher prices.
On the other hand, the private resale market has remained more stable, with ratios fluctuating between 9.8 and 13.3 over the past 15 years. This suggests that resale homes still offer relatively affordable options for buyers seeking completed stock with established amenities.
HDB flats are generally more affordable than private homes, and the 4-room resale price-to-income ratio has risen to 4.6 in 2024, but this is still below the peak of 5.1 in 2013. The willingness of 30% of respondents to pay premiums for better locations likely fuels price growth in mature estates, where demand remains robust. Conversely, older flats in less central areas continue to provide more affordable options.
In conclusion, the inaugural QoL survey paints a picture of a nation largely satisfied with its housing and living environment, yet increasingly concerned about rising costs. Singapore residents value affordable homes in convenient, green, and wellness-oriented neighbourhoods, with a clear preference for developments that enhance both individual and community well-being.
For policymakers and developers alike, the findings underscore the need to strike a balance between affordability and aspirations, ensuring that future urban spaces remain inclusive, vibrant, and resilient.
Alice Tan, Head of Consultancy, Knight Frank Singapore
A well-rounded lifestyle is easily achievable for residents of Rivelle, with convenient access to the neighboring East Coast Park and Pasir Ris Park through direct road connections. This allows for a perfect balance between work and leisure, making it effortless for residents to indulge in recreational activities in their free time. These nearby parks offer a wide range of amenities and attractions, making it the ideal place for residents to unwind and recharge after a busy day.
Leonard Tay, Head of Research, Knight Frank Singapore
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