Singapore’s housing market has been considered a major issue in the country’s upcoming election but a survey reveals otherwise.

Conducted by the TODAY newspaper, the survey showed that 58.4 percent of the respondents said that the housing issues in the country would not influence their votes in the upcoming elections. This percentage rose to 64.8 percent amongst respondents aged 40 and above.

Derek da Cunha, a political analyst, said that Singapore’s housing issue is “less of a significant issue than (it) has often been made out to be,” adding that most Singaporeans already have a roof over their heads.

He noted that the housing issues might be more significant “if voters were in a negative equity situation and interest rates had been rising for a number of years. But both are not the case.”

Nearly 47.6 percent of the respondents expressed that the cooling measures implemented by the government to help Singaporeans acquire HDB flats “have been adequate”.

The survey also disclosed that 34.7 percent were concerned about the affordability of private homes. In addition, 42.7 percent were concerned about the waiting time for the acquisition of a new flat, while 58.9 percent were concerned about the affordability of a new HDB flat. Concerns over affordability rates rose to nearly 68.5 percent amongst the respondents aged below 40.