Luxury condo sales up 46.2% QoQ in Q2

Total transactions were nearly $900m.

The value of non-landed property transactions in the second quarter (Q2) in 2022 was worth $900m, a 46.2% increase from the previous quarter, Huttons said in its latest report.

Over 110 non-landed expensive properties were sold in Q2 2022, 64.2% higher than the first quarter this year.

The top three foreigners purchasing these properties are people from China, Indonesia and the US.

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Huttons explained that relaxed borders and removal of quarantine for vaccinated people led to a spike in the number of luxury properties sold.

High-interest rates are not expected to put a dent interest in luxury properties as the majority of buyers are not availing loans.