Singapore’s rising rents are set to be a key issue among voters in the next general election, a survey showed, in the latest indication of the political fallout from the country’s buoyant property market.
(Bloomberg) — Singapore’s rising rents are set to be a key issue among voters in the next general election, a survey showed, in the latest indication of the political fallout from the country’s buoyant property market.
Around a third of adults in Singapore see high rents affecting their voting choice, according to an online poll of 1,029 people in the city-state, conducted by YouGov Plc.
Rents and property prices have surged in recent years, prompting the ruling People’s Action Party to introduce a spate of curbs. That has cooled home prices slightly, and officials have suggested that rents will fall this year as supply of homes increases.
But 52% of respondents indicated they still want the government to regulate rents and provide additional support based on income. Around 32% said temporary rental relief should be provided for expats, and nearly half said first-time homebuyers should get more assistance. The survey was conducted from July 3 to 5.
Read more: Singapore’s Soaring Rents Are Becoming a Political Problem
Authorities said earlier this month that they weren’t ruling out intervening in the rental market, but warned of potential unintended effects. Singaporeans are set to select their next president by September, although parliamentary general elections only need to be called by November 2025.
Young people in particular were the most concerned about high rents. While around 30% of all respondents said rental issues are unlikely to influence their vote, just 18% of those aged 18 to 24 indicated the same. About 45% of the age group said the problem was very or somewhat likely to affect their vote choice, while 17% were neutral on the issue.
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