While the latest property cooling measures are said to have slowed down market activity, demand for luxury homes continue to remain stable as local first-time home buyers and others not affected by Additional Buyer's Stamp Duty (ABSD) continue to make purchases.
Data extracted by real estate agency OrangeTee & Tie from the Urban Redevelopment Authority's Realis shows that 5 non-landed homes priced S$10 million and above were sold in the Core Central Region (CCR) in the 2 weeks after the December 2021 cooling measures. This is up from 3 units transacted between Dec 1 and Dec 15, 2021, before the cooling measures. Another 2 homes priced over S$10 million were sold between Jan 1 and Jan 9, 2022.
OrangeTee's senior vice-president of research & analytics Christine Sun reckons that some ultra-high net worth individuals may not be deterred by the cooling measures as they view Singapore as a favourable destination.