Rising wealth in Singapore is driving the demand for non-landed and landed luxury homes
According to new research from Knight Frank, demand for luxury homes in Singapore is growing steadily amid rising wealth, as sales of luxury property transactions aggregated to SGD7.5 billion (USD5.5 billion) in the first half of 2021, reported CNA Luxury.
In H1 2021, the total sales volume for prime non-landed residential properties was recorded at SGD2 billion, the highest amount since H2 2010 where sales of the luxury market were at SGD2.4 billion.
Sales activity this year rebounded from the pandemic-induced recession in 2020, doubling the SGD1 billion registered in H2 2020 and surpassing the SGD1.7 billion transacted all through 2020.
Meanwhile, the total sales for landed residential properties came to SGD4.3 billion, with demand mainly driven by residents looking to upgrade into larger accommodation. The research also attributed the higher demand to residents selling their private homes at higher prices due to a robust private home market.
As a result, the Good Class Bungalow (GCB) market segment thrived, with 37 transactions adding up to SGD1.2 billion.
GCB is an asset class that remains highly sought-after by the increasing number of ultra-high-net-worth Singaporeans and foreigners.
Knight Frank expects the landed market segment to see “continued interest and activity” for the rest of 2021, with GCB sales leading to surging prices.
Moreover, Knight Frank stated its expectation for the GCB market to revive in the next 12 months, as pandemic-driven entrepreneurship and transformative industries create new wealth and luxury homebuyers.
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