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Rise in foreign buying of luxury homes in Singapore in Q2 a sign of market thawing after cooling?

Q2’s uptick is the first rise in foreign buyers’ share of the market since the government raised ABSD rates in April 2023

Ry-Anne Lim

Ry-Anne Lim

Published Wed, Sep 4, 2024 · 05:00 AM
    • There were more bungalow transactions in Good Class Bungalow areas in the first two months of Q3 than in either Q1 or Q2, said List Sotheby's International Realty executive director Lewis Cha.
    • There were more bungalow transactions in Good Class Bungalow areas in the first two months of Q3 than in either Q1 or Q2, said List Sotheby's International Realty executive director Lewis Cha. PHOTO: CHERYL ONG, BT

    FOREIGN buying of Singapore luxury homes is slowly on the rise again, after steep hikes in stamp duties all but smothered the market last year.

    But it is still too early to say if a fresh wave of wealth is descending on the island, given current economic uncertainties and still-tight home-purchase restrictions for foreigners, said analysts.

    Figures from Savills Singapore showed that in the second quarter of 2024, foreigners (excluding permanent residents) bought 47 non-landed homes in the Core Central Region (CCR) – a market segment often seen as a proxy for high-end and luxury property. In comparison, this group of buyers bought 21 units in the previous quarter.

    Singapore propertyResidentialForeign investmentprivate home sales

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