Investors continue to be interested in Singapore properties

Private home sales show signs of stabilisation, four months into the implementation of the cooling measures introduced last December.

With the transaction of 653 new private homes in April— just one unit short of the sales figure in March— the year-on-year transactions saw an approximate 48% plunge. The number of new units launched had similarly declined, from 1038 units in the preceding year, to 397 units last month.

Following behind the domination of the Rest of the Central Region (RCR) sales, which stood at 289 units, was the Core Central Region (CRC), where 206 units were transacted. This notably placed the CRC ahead of the Outside Central Region (OCR) in sales for the first time in 12 months.

Luxury home sales also surged in April, with 115 units transacted for at least $3 million each— a jump from 89 such sales in March.

While the latest round of cooling measures saw the additional buyer’s stamp duty (ABSD) for foreigners rise from 20% to 30%, the enthusiasm in the non-landed private property market also rebounded in April. In fact, the number of properties sold to foreign home buyers in the CCR and RCR respectively, for the month of April, surpassed the total sales figure in March.

The opening of borders would encourage expatriates to purchase private properties. In addition, the speed at which Singapore’s economy is recovering, alongside the transition from the pandemic to an endemic, have also given foreign property investors confidence in the viability of the property market, particularly as geopolitical tensions ensue.

Thinking of whether you should tap into the private property market as it picks up pace? At Wonder Homes, we can help you in your home ownership and investment journey. Check out our website at www.wonderhomesg.com, and get in touch with us today!