Domestic buyers accounted for local confidence in the future of the island country, while the largest percentage of home purchases in Singapore in ten years.

Singaporeans purchased 79 percent of private apartments sold in the first quarter, with Singapore’s largest domestic share since the first quarter of 2009.

Property consultants OrangeTee & Tie Pte. In addition, luxury units accounted for 69 percent of private flats sold in January, February and March, with a share of 36 percent in the first three months of 2018. Record prices have been reported in luxury bungalows reserved only for local buyers.

Throughout the quarter, developers sold the most upscale new condo in more than 10 years – those who raise prices to $ 3,000 500 per square meter ($ 2,000). The main housing units in Singapore sell about $ 1.2 million and average monthly rent is $ 1 935.

Christine Sun, research and consulting chief at OrangeTree, said the trend shows confidence among wealthy domestic buyers. The PropertyGuru survey of a Indigenous people in Singapore also found that young adults were moved from their parents’ homes earlier than their homes and that most of the existing apartment owners wanted to upgrade to the condominium level.

The power of local buyers in the market came with the government tightening regulations to prevent real estate prices from rising; Christine Li, head of research at Cushman & Wakefield Inc. in Singapore, said the government was “punitive ve to foreign buyers and reduced the first quarter of the flats sold to it. In July 2018, the Singapore government imposed stamp stamp on apartment buyers and set the highest rate for foreigners at 20 percent.

Source: The Real Deal

Melike Vodina /