Foreign demand for luxury homes fell to $171.7m in H1 2024

Out of 10 units, only one was bought by a non-permanent resident. 

Total foreign demand for luxury homes fell to $171.7m during the first half of the year from $196m in H2 2023, according to a report by Edmund Tie. 

Due to Additional Buyer’s Stamp Duty (ABSD) for foreign purchasers, transaction volume decreased to 10 units in H1 2024.

Out of 10 units, only one was bought by a non-permanent resident (NPR) whilst the remaining units were purchased by Singapore permanent residents (SPRs).

“This could suggest that the ABSD regulation in April 2023 has successfully deterred NPRs from entering the luxury home market in Singapore, or that they are seeking to become SPRs before making their investment decisions”, said Edmund Tie.