Luxury apartments sales totalled to $2.165b

Over 221 units of luxury apartments were sold last year.

The luxury apartment sector stayed resilient amidst rising interest rates and other macroeconomic headwinds, CBRE said.

In its data, over 221 units of luxury apartments were sold in 2022, which totalled to $2.165b. Most of the units were sold in the first half of 2022.

CBRE said this segment was supported by foreign buyers following the full reopening of Singapore’s borders and purchasing of ultra-high net worth individuals and families.

According to CBRE Research, average luxury apartment prices went up 6.1% to $3,328 psf in 2022 from $3,137 psf in 2021.

The property research said the return of Chinese buyers and Singapore’s safe haven status may also further support the overall luxury property market in 2023.