{"id":106706,"date":"2019-04-30T10:45:15","date_gmt":"2019-04-30T03:45:15","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-acquisition-by-singaporeans-soar-in-q1-2019\/"},"modified":"2019-04-30T11:21:09","modified_gmt":"2019-04-30T04:21:09","slug":"private-home-acquisition-by-singaporeans-soar-in-q1-2019","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-acquisition-by-singaporeans-soar-in-q1-2019\/","title":{"rendered":"Private Home Acquisition By Singaporeans Soar In Q1 2019"},"content":{"rendered":"


\nSingaporeans\u2019 share of local home purchases rose the highest in a decade versus foreigners, with 79 percent of private apartments snapped up by locals during the first quarter of 2019, reported Bloomberg citing OrangeTee & Tie.
\nIn fact, the proportion of locals acquiring luxury homes soared 69 percent from 36 percent over the same period last year.
\n\u201cThe rising number of affluent locals purchasing luxury homes indicates their confidence that Singapore remains a safe haven for capital preservation and appreciation,\u201d explained Christine Sun, head of research and consultancy at OrangeTee.
\nReflecting that confidence, a PropertyGuru survey showed that while most locals consider home prices to be too high, two-thirds believe that apartments within the city-state are still affordable.
\nThe survey also found that younger people are moving out of their family homes earlier, while demand for executive condos has increased among upgraders.
\nRead more about PropertyGuru\u2019s latest\u00a0Consumer Sentiment Survey here.
\n\u201cAs wealth creation continues to grow in Singapore the desire and ability to pursue higher-quality living is driving the higher proportion of private home ownership,\u201d noted Christine Li, Cushman & Wakefield\u2019s head of research for Singapore and Southeast Asia.
\n\u201cWhile foreign buyers have remained resilient, the proportion could have been much higher if cooling measures hadn\u2019t been punitive to them,\u201d she added.
\nSince the early part of the decade, the Singapore government has kept a tight rein on the property market to avoid runaway prices. It imposed higher stamp duties last July, with levies on foreigners being the highest at 20 percent.
\nUrban Redevelopment Authority data showed that developers sold 1,838 new homes last quarter, up 16 percent over the same period last year.
\nAffluent buyers were particularly fond of newly launched luxury condominiums, which saw sales more than double to 192 units \u2013 or the highest since December 2017.
\nThe highest number of sales for super-luxury new condos, or those priced over $3,500 per sq ft (psf) was also registered in Q1 2019 after more than a decade. A penthouse within a development close to the Orchard Road shopping district was sold for $28 million or $4,927 psf.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private Home Acquisition By Singaporeans Soar In Q1 2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singaporeans\u2019 share of local home purchases rose the highest in a decade versus foreigners, with...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-106706","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rL4","jetpack-related-posts":[{"id":117166,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-homes-sales-spiked-75-5-in-may\/","url_meta":{"origin":106706,"position":0},"title":"New private homes sales spiked 75.5% in May","date":"June 16, 2020","format":false,"excerpt":"\r Including ECs, 509 units were sold in May, up 73.7% month-on-month but down 46.5% year-on-year. Photo: Treasure at Tampines. Despite the closure of showflats due to the government\u2019s circuit breaker measures, sales for new private homes rose 75.5% to 486 units \u2013 excluding executive condominiums (ECs) \u2013 in May\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119943,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-buying-of-private-homes-down-to-its-lowest-since-2003\/","url_meta":{"origin":106706,"position":1},"title":"Foreign buying of private homes down to its lowest since 2003","date":"January 28, 2021","format":false,"excerpt":"\r Foreign buying of private homes down to its lowest since 2003Travel restrictions imposed in various countries prevented foreigners from visiting the city-state, many whom prefer to physically inspect the property or visit a show-flat before making a purchase. 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