Singapore, 15 May 2023 The number of luxury condominium units bought by foreigners rose to the highest in almost a decade before Singapore doubled taxes on purchases by the demographic.
Foreigners bought 159 non-landed, luxury homes in Singapore’s core central region in the first quarter, according to a report by OrangeTee & Tie Pte. That’s up from 71 units a year earlier.
"The cooling measures may not affect buyers' perception of Singapore as one of the best places for property investment," said Christine Sun, a senior vice president at OrangeTee, citing economic fundamentals. "Some high-net-worth individuals may continue to park their wealth here as luxury properties are pricey in many other cities."