Singapore Housing Sales Policy
Singapore has been successful in stabilizing its housing market and providing affordable housing to its citizens by effectively promoting home ownership. Let's take a look at how they did it.
Land nationalization: Singapore is able to keep prices down by selling land on a 99-year lease. Currently, 90% of Singapore's land is owned by the state12.
Need-based public housing: The government has prioritized providing "affordable" housing to its citizens. To this end, public housing units are financed through the Central Provident Fund (CPF), and government subsidies are available for low-income earners2.
Transportation networks and high-density new towns: Singapore is providing large-scale housing through high-density development of new suburban towns. Housing, education, employment, and social integration are considered through urban planning and design in conjunction with public transportation networks3.
Singapore's housing policies are successful in many ways, and Korea can learn from these examples to effectively manage its housing market.