According to a report by property consultancy firm Knight Frank, Singapore ranked 6th globally for luxury home sales in 2022, with a total of 1,730 homes sold at or above USD 3 million. The report also noted that while the prime home prices in Singapore saw only a modest 3.9% increase in 2022, analysts expect a 4% increase in 2023 due to the rising number of high-net-worth individuals seeking a safe haven in Singapore. Singapore's Core Central Region presents investment opportunities as the price gap between prime and other areas narrows.
- High-net-worth individuals (HNWIs) consider Singapore as a safe haven, leading to HNWI home buyers from all over the world and domestically.
- Singapore's prime home prices had a modest 3.9% increase in 2022, placing it in the 58th position of Knight Frank's Piri 100.
- Analysts predict a 4% rise in Singapore's prime property prices due to the increasing number of HNWIs.
- The narrowing price gap between prime and other areas in Singapore presents opportunities for investors in the CCR before prices increase substantially with the return of Chinese buyers and the perceived economic rebound in 2023.
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Sources
- Singapore ranks 6th for luxury home sales in 2022: Knight Frank
- Singapore among top cities for ultra-prime residential property sales in 2022: Knight Frank
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