Singapore Property | Luxury apartments still well purchased amidst economic woes – Despite the recent economic woes, wealthy investors are still in pursuit of luxury apartments around the nation. Buyers have seen this as an opportunity to grow their wealth having snapped luxury homes around the world. These luxury homes are located in New York, Singapore, Shanghai, Sydney, and Seoul.
This may be that the sale of prices has provoked many buyers to think more about long term investment strategy. So they have more diversion of money into real estate properties, which have seem to be more a stable and diversified source of return.
The Urban Redevelopment Authority (URA) has released data showing that 2,182 non-landed private homes were sold. These private homes were in the Core Central Region (CCR) and were transacted in the first nine months of 2020. This was 21.4% greater than in 2019.
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In the pricing spectrum, we saw an upward trend in demand for less pricey luxury condominiums. This year there have been many small luxury apartments being launched and this would have attracted buying demand. Developers have started introducing smaller and more affordable luxury homes during the pandemic to expand their market share.
Several small luxury condominiums like Fourth Avenue Residences, The M, Pullman Residences, Kopar at Newton, Martin Modern, Midtown Bay, and Leedon Green have seen a significant number of their unit sold.
In the first three quarters of 2020, 74.9% of the new luxury condominiums were sold lesser than 800 square feet. Growing demand for small luxury condominiums shows that most small-time investors took advantage of the pandemic to make gains. Also, they made more gains from individuals looking for an excellent opportunity to acquire a luxury home, since the prices may still rise after the pandemic.
New hotspots have also been spotted around these luxury condominiums. Lately, Investors and customer’s confidence are steadily returning as the economy reopens.