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Singapore Luxury Residential Figures H1 2022
30 Aug 2022
- Following a banner 2021, GCB sales saw a slowdown, largely constrained by the limited supply of properties available for sale, macroeconomic uncertainty and a widening buyer-seller price gap. 29 transactions worth $751.42 mil were recorded in H1 2022, a 57.7% y-o-y decline from 59 GCBs amounting to $1.777 bn sold in H1 2021. However, average prices held firm.
- H1 2022 saw mainly key executives and scions of economically active “old rich” acquiring GCBs.
- GCB activity is likely to remain at the current momentum for the rest of 2022.
- Sentosa Cove properties transaction volumes eased in H1 2022, following the imposition of property curbs in Dec 2021. However, average prices continued an upward trend since bottoming in 2019.
- 115 caveats were lodged for luxury apartments in the CCR with a total transaction value of $1.075 bn in H1 2022. Sales volumes and average prices remained firm y-o-y despite property curbs, supported by the full reopening of Singapore’s borders in Apr 2022.
- CBRE Research expects interest in luxury apartments and Sentosa Cove bungalows to remain resilient in 2022, supported by the return of international travel to pre-pandemic levels and investor confidence in Singapore’s property market.