Luxury Homes Sales in Singapore Have Reached the New High in More Than 10 Years

According to the Urban Redevelopment Authority (URA), sales of private homes in the central region of Singapore increased by almost 25%, to 1,930 units, in the second quarter compared to the previous one. This is the strongest three months since the last quarter of 2010, when 2,014 transactions were concluded.

At the same time, real estate prices in Singapore continue to grow rapidly due to the return of consumer confidence. The heated housing market does not even think to slow down. Today, Singapore is the best place to invest in foreign real estate.

Details

• In the first half of 2021, almost 3,500 luxury homes were sold. This is more than the annual sales volume for the last three years.
• In the first seven months of this year, more than 2,100 real estate transactions were concluded throughout the island, which is almost three times more than 780 transactions a year ago.
• Affluent buyers purchased 272 luxury condos worth more than $5 million in the first half of this year, the highest half-year total since the first half of 2014. Of these, 70 belonged to the category of "super-luxury" with a value of over $10 million.

There are many new participants in the luxury real estate market in Singapore. Aspiring entrepreneurs and individuals working in such emerging industries as biomedicine, fintech and IT are accumulating huge fortunes. Domestic buyers are becoming the dominant force in the luxury goods market.

75.7% or 2,315 luxury condominiums in the first half of this year were bought by Singaporeans, compared with 71.2% (961 units) in the first half of last year. Transactions with foreign buyers also increased from 162 to 254 units over the same period, which indicates that foreign investors are gradually returning to the market.

The population of millionaires in Singapore has grown exponentially and this year amounted to about 270 thousand people. Singapore ranks 11th in the world in terms of the density of millionaires, with more than 1,300 people with an ultra-high income level, whose fortune exceeds $50 million.

The growing incomes of many local residents have increased their desire to own luxury real estate, because this asset is one of the most reliable ways to save and increase the available funds. In addition, taxes in Singapore are among the lowest in the world, as additional attractive factors are a low crime rate, political stability, business friendliness and legal transparency.

Source: The Straits Times

Quoting conditions of Prian.info materials