Luxury home sales fall 50% on-year in Q1, with just one foreign buyer

SINGAPORE: Gross sales of luxurious homes in Singapore fell by 50 per cent year-on-year within the first quarter ending March.

These are mostly apartments that are rate no no longer up to S$5 million (US$3.7 million).

In the first three months of this year, 66 such homes had been transacted, down from 128 within the identical duration supreme year.

Foreigners shopping these properties dropped by 98 per cent, with appropriate one sale to an in a foreign country buyer.

In distinction, international traders made up the bulk of such transactions over the identical duration in 2023, picking up 52 units, appropriate outdated to most stylish changes to the further buyer’s mark accountability (ABSD) had been launched.

Since then, the series of international purchasers of luxurious homes have step by step declined.