Why Singapore Has One of the Highest Home Ownership Rates

Affordable housing in Singapore has resulted in one of the highest rates of home ownership in the world. In 1964 the government embraced a "Home Ownership for the People Scheme" in which it gave lower and middle-income citizens access to affordable home ownership. Subsidized apartments were sold at low prices and were not to be sold for at least five years after which the real estate value had risen significantly. Apartments sold in 2009, for example, gained almost half a million dollars in value by 2020. New subsidized apartments are under construction and 16,000 have already been sold in the past year.

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