Rising Costs Cloud Singaporeans’ Satisfaction Quality Life Knight Frank Ipsos Survey

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Singaporehas achieved rapid development over the past six decades, becoming a high-income economy. However, the city-state now stands at a crossroads as it charts its next phase of transformation. As plans are made for the future, it is important to consider what really matters to people today. What are their hopes, concerns, and aspirations in regards to the places where they live, work, and play?

A recent survey conducted by Knight Frank and Ipsos, called the Quality of Life (QoL) Report, provides insight into the sentiments of Singaporeans in regards to their living conditions. While the majority of respondents express satisfaction with Singapore’s development, many also have concerns about the future, particularly when it comes to job security.

According to the survey, the biggest worry for Singaporeans is rising costs, which was cited by 52% of respondents. This concern touches on all aspects of life, from housing to work to leisure. The following sections will explore the priorities of residents, areas for improvement, and how cost concerns may influence future urban planning and housing preferences.

Housing Priorities

Housing is foundational to quality of life, and the survey shows that price (92%) and location (90%) remain the top considerations when choosing a home. Proximity to public transportation (68%) and floor area (67%) come in third and fourth, respectively. However, the survey also reveals that green and tranquil spaces (17%) have become increasingly important, outranking schools (14%) and recreational amenities (12%). This reflects a growing desire for wellness-oriented environments within the built landscape.

Interestingly, the priority placed on schools has decreased, most likely due to government efforts to raise education standards across the country. This has given families greater confidence in schools in all neighbourhoods.

In addition, the survey highlights the importance of living near family, with 30% of respondents citing proximity to parents as a significant factor in choosing a home. This trend reflects evolving family dynamics, with young parents relying on grandparents for support and adult children seeking to live near ageing parents to provide caregiving. This reinforces the demand for homes in mature estates, where intergenerational support is more easily managed.

Communal and Wellness Facilities

In line with housing priorities, food and retail spaces (87%) ranked as the most essential amenities, highlighting the importance of daily convenience. Parks and green spaces (78%) came in 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.

The survey also shows a strong desire for wellness and healthcare facilities (65%), fitness and sports facilities (57%), and community centres (45%), emphasizing the value placed on holistic, health-conscious living.

When ranking communal spaces, respondents favored 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.

Trade-Offs

The survey reveals the trade-offs residents are willing to make when it comes to housing. Thirty percent of respondents would pay more for better location and connectivity, making this the most common trade-off. This demonstrates the enduring importance of “location, location, location.” Meanwhile, 20% are open to longer commutes in exchange for larger homes at lower psf prices, valuing space and tranquility over centrality, especially with the rise of hybrid work arrangements. Eighteen percent prefer older developments with larger layouts over newer, smaller units, highlighting a practical appreciation for space and the durability of older housing stock.

Despite high satisfaction levels (75% scored 4 or 5), 65% of respondents still worry about future housing affordability. This concern is strongest among younger buyers and upgraders.

Private vs Public Housing

Located in the bustling neighbourhood of Rivelle Tampines, residents can easily access a wide range of bus services that connect them to various residential, commercial, and industrial hubs. With the Tampines Bus Interchange situated within the vicinity, commuting becomes even more convenient as it allows for seamless transfers between different MRT lines and bus routes. This means that even those without private transport can easily navigate their way around the city, making living in the Rivelle Tampines EC a favourable choice for both convenience and accessibility.

Affordability concerns likely 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, with only 15% desiring prime public housing and 12% prime private homes. This reflects general contentment with non-prime, well-connected neighbourhoods.

Given the dominance of public housing (over 70% of total stock), the survey suggests that upgrading aspirations remain moderate. The findings also hint at a potential policy discussion around the 60% Additional Buyer’s Stamp Duty (ABSD) on foreigners, which has dampened foreign demand in prime areas.

Residents seek not just a house but a holistic living experience – balancing private comfort with accessibility, greenery, and wellness infrastructure. This aligns with URA and HDB’s 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.

Private Housing Prices and Affordability

Price and affordability remain overriding 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.

By contrast, the private resale market has remained more stable, with ratios fluctuating between 9.8 and 13.3 over the past 15 years. This suggests resale homes still offer relatively affordable options for buyers seeking completed stock with established amenities.

HDB Resale Prices and Affordability

For HDB flats, the 4-room resale price-to-income ratio rose to 4.6 in 2024 but remains below the peak of 5.1 in 2013. While still much more affordable than private homes, HDB resale prices have risen sharply since 2019.

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.

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

Leonard Tay, head of research, Knight Frank Singapore

Alice Tan and Leonard Tay of Knight Frank Singapore collaborated with Ipsos, a leading global research and polling firm, to conduct the inaugural Quality of Life survey in Singapore.