The Singapore real estate market is among the world’s most expensive. Home prices in the city-state rank second highest in Asia, just behind Hong Kong.

You’d have to pay in the range of US$2 million just to buy a small, two-bedroom apartment in a central area. Most locals don’t even own private property because of these high costs. Over 80% of Singaporeans live in public flats built by the city’s Housing and Development Board (HBD).

To be clear, public housing in Singapore is much nicer than practically anywhere else. We’re talking about a wealthy country where one out of every five families are millionaire households.

A vast majority of people living in HBD flats is testament to the nation’s wealth inequality though. Private property ownership in Singapore is only for the rich. Everyone else is stuck with rentals.

Despite these issues, I’m positive about the long-term prospects of Singapore real …