A new research by HSBC found that Singaporeans spend over 3.2 hours per week researching properties, behind United Arab Emirates (6.6 hours), USA (4.95 hours), Taiwan (4.54 hours), and Mexico (3.56 hours). The research polled 11,932 adults over 21 years of age.
Singapore has emerged as the fifth most property-obsessed nation, with its citizens spending over 3.2 hours per week researching properties, revealed a new research from HSBC.
Mortgage Business reported that HSBC commissioned Toluna to conduct an online survey in 10 different jurisdiction to determine the amount of time adults spend on property research.
The survey showed that United Arab Emirates is the world’s most property-obsessed location, with adults there spending 6.6 hours on property research a week.
This was followed by the USA (4.95 hours per week), Taiwan (4.54 hours), and Mexico (3.56 hours).
The UK and Australia settled in 6th and 7th place, with adults there clocking in 2.65 and 2.51 hours per week, respectively. Canada and France followed as adults in these countries spend 2.08 hours and 1.74 hours per week on property research.
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The HSBC research, which polled 11,932 adults over 21 years of age, noted that a “culture of property obsession” across the globe, with adults spending an average of 3.5 hours a week trawling online listings, ‘window shopping’ for homes and reading property magazines.
Overall, the survey found that six percent of respondents were “extreme house hunters”, spending over seven hours on property research per week.
Majority of extreme house hunters believe that spending hours on property research per week is beneficial, with 79 percent saying they feel “in control” as home owners and 74 percent feeling “relaxed” on acquiring a property.
Meanwhile, 49 percent of this group admit to checking their home’s value monthly.
The survey also revealed that extreme house hunters were “more likely to delay important life stages” just to save enough for the “perfect home”. Around 19 percent are willing to hold off on having children in order that they could buy property.
However, the survey also showed that 38 percent of respondents acknowledge that their property purchase decision was “based purely on their first impressions” and “often impulsive”.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg
