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Higher stamp duty rates push the rich out of SG’s super-prime market

The number of super prime homes sold in SG dropped from 37 to 30 in 2Q23.

The total volume and value of super-prime homes sold in Singapore declined in 3Q23, data from Knight Frank showed.

In 2Q23, only 30 residential properties worth US$10m above were sold, a drop from 1Q23 when 37 homes exchanged hands.

The value of sold super-prime homes likewise dropped, falling from US$603m to US$477m.

Meanwhile, average selling prices of super-prime homes in Singapore fell to US$15.9m in 2Q23 from US$16.3m in 1Q23.

The 3Q23 figures are evidence that Asian buyers are seeking alternatives to Singapore following its implementation of higher stamp duty rates, said Knight Frank.

“Singapore’s super-prime market is experiencing a squeeze in sales volumes due to high purchase taxes, reaching up to 60% for foreign buyers in some cases,” Knight Frank said.

“Although the city has been successful in attracting wealth management and family office investments, this interest has not translated into increased sales activity, as the market is adapting to rely more on domestic purchasers,” the real estate expert added.
 

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