{"id":2891,"date":"2019-05-01T01:00:49","date_gmt":"2019-05-01T01:00:49","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=2891"},"modified":"2021-06-04T14:21:57","modified_gmt":"2021-06-04T07:21:57","slug":"private-home-acquisition-by-singaporeans-soar-in-q1-2019","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/private-home-acquisition-by-singaporeans-soar-in-q1-2019\/","title":{"rendered":"Private home acquisition by Singaporeans soars in Q1 2019"},"content":{"rendered":"

Share of home purchases the highest in a decade<\/p>\n

\"\"
Redhill neighbourhood in Singapore. Trong Nguyen\/Shutterstock<\/figcaption><\/figure>\n

Singaporeans\u2019 share of local home purchases rose the highest in a decade versus foreigners, with 79 percent of private apartments snapped up by locals during the first quarter of 2019, reported Bloomberg citing OrangeTee & Tie.<\/p>\n

In fact, the proportion of locals acquiring luxury homes soared 69 percent from 36 percent over the same period last year.<\/p>\n

\u201cThe rising number of affluent locals purchasing luxury homes indicates their confidence that Singapore remains a safe haven for capital preservation and appreciation,\u201d explained Christine Sun, head of research and consultancy at OrangeTee.<\/p>\n

Reflecting that confidence, a PropertyGuru survey showed that while most locals consider home prices to be too high, two-thirds believe that apartments within the city-state are still affordable.<\/p>\n

The survey also found that younger people are moving out of their family homes earlier, while demand for executive condos has increased among upgraders.<\/p>\n

\u201cAs wealth creation continues to grow in Singapore the desire and ability to pursue higher-quality living is driving the higher proportion of private home ownership,\u201d noted Christine Li, Cushman & Wakefield\u2019s head of research for Singapore and Southeast Asia.<\/p>\n

More: Singapore reaps what it sows<\/strong><\/a><\/p>\n

\u201cWhile foreign buyers have remained resilient, the proportion could have been much higher if cooling measures hadn\u2019t been punitive to them,\u201d she added.<\/p>\n

Since the early part of the decade, the Singapore government has kept a tight rein on the property market to avoid runaway prices. It imposed higher stamp duties last July, with levies on foreigners being the highest at 20 percent.<\/p>\n

Urban Redevelopment Authority data showed that developers sold 1,838 new homes last quarter, up 16 percent over the same period last year.<\/p>\n

Affluent buyers were particularly fond of newly launched luxury condominiums, which saw sales more than double to 192 units \u2013 or the highest since December 2017.<\/p>\n

The highest number of sales for super-luxury new condos, or those priced over SGD3,500 per sq ft (psf) was also registered in Q1 2019 after more than a decade. A penthouse within a development close to the Orchard Road shopping district was sold for SGD28 million or SGD4,927 psf.<\/p>\n

This article originally appeared on\u00a0<\/em>PropertyGuru.com.sg<\/em><\/a> on 30 April, 2019. For their latest property news, trends, resources and expert opinions, visit their <\/em>Property News<\/em><\/a>\u00a0page. Home buyers looking for\u00a0<\/em>Singapore Properties<\/em><\/a>\u00a0may like to visit their\u00a0<\/em>Listings<\/em><\/a>,\u00a0<\/em>Project Reviews<\/em><\/a>\u00a0and\u00a0<\/em>Guides<\/em><\/a>\u00a0page.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Share of home purchases the highest in a decade<\/p>\n","protected":false},"author":8,"featured_media":20026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[166,110],"class_list":["post-2891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-sg","tag-singapore","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"\nPrivate home acquisition by Singaporeans soars in Q1 2019 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/private-home-acquisition-by-singaporeans-soar-in-q1-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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