16: THE SINGAPORE PROPERTY SECTOR: AN OVERVIEW

The real estate sector is one of the pillars of the Singapore economy. Construction and ownership of dwellings accounted for 4.1% and 4.9% of the 2015 GDP at current prices, aggregating 9.2%. The share of these two sectors has progressively increased to 9.2% in 2015 from 8.3% in 2011. Home ownership rate of resident households has progressively peaked to 92% in 2000 from 58.8% in 1980 and has slightly moderated to 90.3% in 2014. Nevertheless, Singapore has among the highest home ownership rates in the world.