What characteristic of the Singapore housing market has caused a shift towards other locations?

The characteristic that has caused a shift towards other locations in the Singapore housing market is the high cost of homeownership. This factor plays a crucial role in influencing both local and foreign buyers. As property prices in Singapore have surged, many potential homeowners find it increasingly difficult to afford homes, leading them to explore alternate markets where housing options are more accessible and reasonably priced.

High homeownership costs can stem from various elements, such as elevated property values, stringent loan-to-value ratios, and additional costs associated with purchasing real estate, including stamp duties and other fees. Consequently, individuals and families may seek more affordable housing solutions outside Singapore, drawn to markets that offer better financial feasibility and investment returns.

This shift is indicative of how housing affordability directly impacts market dynamics. As people look for better opportunities elsewhere, it reflects the broader economic implications of housing costs on demographic trends and real estate investments. The other characteristics, while relevant in their own contexts, do not have the same direct and overwhelming influence on homeownership decisions as the cost factor does in this scenario.