Mr Leon Perera asked the Minister for National Development in respect of Annex 9 of the handout shared with Members of Parliament during the debate on the public housing motions on 6 February 2023, what is the house price to income multiple for Los Angeles, London, Sydney, and Hong Kong for a median apartment with the floor area of the average HDB flat in Singapore.
Mr Desmond Lee: The data from Annex 9 of the handout that was shared with Members of Parliament during the debate on public housing motions on 6 February 2023 were cited from the Demographia International Housing Affordability Report (2022 Edition).
Demographia International Housing Affordability rates middle-income housing affordability using the “median multiple”, which is the median house price divided by the gross median household income (pre-tax). The estimated house price data in the report are based on “housing types representing the majority of existing dwellings in each nation”, using publicly available data, including official government produced sales registers, authoritative real estate time series and market reports.
As housing landscapes and typologies differ across countries, we do not track the granular information as requested by the Member.
Ministry of National Development
22 February 2023