Singapore saw 137 luxury condominiums change hands in the second quarter of 2019, or the highest since the Global Financial Crisis.
The units were sold for at least $3,000 per sq ft (psf), with the highest unit price rising to over $5,125 psf. This was achieved by a freehold penthouse at Boulevard 88 in June.
Savills noted that activity within the high-end market segment, especially of super luxury units priced at least $10 million each, surprised the market considering that the property cooling measures are still in place, reported Singapore Business Review.
It attributed the hike in activity to recent economic and political tensions within the region.
“The resurgence in purchases of Singapore luxury homes could be linked to the recent political unrest in Hong Kong,” said Savills.
And while locals continue to make up the bulk of non-landed residential sales, the market share of non-permanent residents or foreign buyers have been on the uptrend, climbing 0.8 percentage points to 5.9 percent in Q2, reversing two straight quarterly declines.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org