Residential

Savills: Less high-end residential transactions, but more non-PR purchase

In a study by Savills Singapore, there have been fewer transactions in the market for high-end homes, but the proportion of non-permanent residents foreigners who bought such properties have increased. From January to November this year, there were1,285 caveats lodged for apartments and condos priced at $2,000 psfand above in high-end districts,a 33% decrease from the caveats lodged in the same period last year.

On the other hand, the proportion of non-PR purchase of non-landed homes priced at more than $1,951 psf in these districts has increased from 28.4% to 37.8% in the same period. The increase is likely due to the restrictions on China’s property buying, resulting in mainland Chinese turning to the Singapore property market. The negative outlook in the Western economies may also push investors to turn to the Asian economies for investment. While Indonesians ...