As many of you would know, Singapore scored a high position of 6th position in the recently published high-end activity index. With 8 ultra-prime property sales valued at more than US$25 million (S$33.6 million) each and 121 super-prime property sales valued at more than US$10 million each, Singapore was able to snag a spot in among the top markets for ultra-prime residential property transactions in 2022 alongside cities such as London and New York, according to real estate consultancy Knight Frank.
This was even when the pent up transactions has eased up after the demand peaked in 2021.
Based on the report, London topped the chart with 43 ultra-prime and 223 super-prime transactions. New York was next, with 43 ultra-prime and 244 super-prime sales, while Los Angeles chalked up 39 ultra-prime and 225 super-prime deals.
Among Asia, Hong Kong was another that reached the ranks; Hong Kong came fourth, with 28 ultra-prime transactions and 125 super-prime deals. Hong Kong is also the second most expensive residential market, with 21 sq m purchased for every US$1 million.
As explained by Mr Nicholas Keong, Knight Frank Singapore’s head of private office: “Singapore continues to attract high-net-worth home buyers both domestically and from all over the world.”
Why is this the case for Singapore? Well, the stable economy, public health amidst the pandemic and global economic uncertainty had a huge part to play. Coupled with relatively lower risk of political tensions, Singapore has become a viable investment option for the high-net-worth individuals.
What does this mean for us? With an ever growing demand that extends to both local and international buyers, it is never a better time to invest in the right properties within the property market.
As shared by Straits Times, Knight Frank expects a 4 per cent increase in prime prices in Singapore amid upward pressure on property prices, fuelled by a rising number of wealthy individuals.
Mr Tay also added that with the price gap between the prime areas and other areas of the island narrowing, interested investors can also find opportunities in Singapore’s pool of luxury properties before prices start to rise more substantially in the core central region.
Ms Christine Li, Knight Frank Asia-Pacific’s head of research, believes asset repricing, perceived value opportunities and an expected economic rebound in the Asia-Pacific will make 2023 a “pivotal” year for real estate in the region.
She also anticipates the return of Chinese buyers boosting transaction volumes for prime residential properties in Asia-Pacific cities.
Undoubtedly, this means that any interested home buyers or property investors will need to move faster before prices go in for another surge.
But how do you know which property is the right one for you? This depends on your budget, the location you want to aim for, and what are your family priorities (if any). To have a detailed analysis of what properties can best fulfil your needs while being within your budget, reach out immediately to have an extensive report on what you should be looking into.