Fraud Blocker
Your search results

Revival of Singapore Luxury Housing Market in 2023

Posted by Jayson Ang on January 21, 2023
| 0

TLDR

The property market in Singapore has witnessed significant shifts in the past two years, with a surge in prices in the Outside Central Region (OCR) and Rest of Central Region (RCR) compared to the Core Central Region (CCR). Singaporeans lead the luxury real estate market, followed closely by Chinese buyers. The pandemic led to a decrease in foreign buyers from China, but as global economies reopen, a resurgence is expected. Despite challenges, the CCR market shows potential with growing interest from high-net-worth individuals. New launches have made CCR properties more accessible, narrowing the price gap with RCR. Local buyers can seize opportunities in the current market before potential price increases by foreign buyers. The impending rise in Additional Buyer’s Stamp Duty (ABSD) could impact investment demand, favoring local homebuyers. For personalized real estate advice and assistance in buying or selling, a strategic and data-driven approach can provide clarity and direction for your property journey.

Discover the Property Price Trends Across 3 Different Market Segments

The past two years have seen an incredible surge in the prices of private residential properties due to the various socio-economic repercussions of the Covid-19 pandemic, such as delayed construction and limited supply. This has resulted in a flurry of activity for new residential property launches, with some even shattering records with their prices.

The biggest transformation in the 3 real estate segments came from outside the heart of Singapore’s Core Central Region (CCR). Prices of non-landed private properties in the Outside Central Region (OCR) and Rest of Central Region (RCR) skyrocketed by 19% to 27% over the last two years, whereas non-landed property prices in the CCR rose steadily at a rate of 9%.

The sluggish rate of property appreciation in the CCR region can be linked to the decreased demand from overseas purchasers during the pandemic, combined with the December 2021 cooling measures, which raised the Additional Buyer’s Stamp Duty for foreign house hunters by no less than 10 percentage points.

Nationalities Of Prime Property Buyers

Singaporeans lead the pack as the top purchasers of luxurious real estate in Singapore, with Chinese buyers coming in a close second.

From 2017 to 2019, Chinese citizens comprised the largest proportion of foreign buyers for prime residential properties in Singapore, with 12.7% of the total new housing units purchased. However, during the pandemic from 2020 to 2022, this figure plummeted to a mere 5.8%.

As global economies begin to reopen in 2023, an influx of foreign property buyers from countries such as China could significantly drive up the demand for high-end properties in the CCR and potentially return it to pre-pandemic levels.

The proportion of CCR homes bought by foreign nationals had dropped during the pandemic, leaving much room for growth in this sector.

Proportion of CCR Primary Sales Buyers' Nationality

Unlock The Untapped Potential Of The CCR Market

From 2017 to 2019, prior to the outbreak of the pandemic, roughly 20-33% of primary CCR homes were purchased by non-permanent resident foreigners. In the three pandemic-ridden years, however, the number of primary market property sales dwindled to a mere 10-14.5%.

The growing economic instability around the world has attracted a large number of high-net-worth foreigners to Singapore, who are setting up family offices here and bringing their funds with them. Despite the higher Additional Buyer’s Stamp Duty imposed on foreign property buyers, Singapore still appeals to them as a safe haven and as a real estate asset for wealth storage.

As China’s borders open up, more Chinese expatriates are flocking to Singapore in search of work, life and investment opportunities – driving a surge in wealthy investors house-hunting in the CCR. As a result, the CCR property market is seeing a renewed interest.

Undiscovered Gems In The CCR

Singaporeans often overlook private properties in the prime market segment due to the notion that new launches in the CCR market are too costly. Yet, the last two years have seen an exponential rise in condominium prices in the OCR and RCR, which has been narrowing the price gap between private properties in the RCR and CCR.

The new launches in 2022 have made CCR properties increasingly accessible to local homebuyers, with median prices of housing units starting as low as $2,402 per square foot. What’s more, the majority of these CCR projects are freehold properties – a great incentive for those looking to invest in the area!


With the booming growth of property prices in the RCR, the median prices of new launches there are now comparable to those in the CCR. Therefore, savvy local buyers can snap up luxurious freehold developments in prime districts at an affordable cost – but they must be quick before foreigners arrive and push prices up!

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

  1. Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
  2. Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …


5 Tips : How To Invest In Singapore Property Without Losing Sleep Over It
Mandarin Top 5

5 Tips : How To Invest In Singapore Property Without Losing Sleep Over It

Investing in Singapore's property market can be a lucrative venture, but it's important to approach it with caution and a...
Read More
Buying a Second Property – 3 Key Factors to Consider
All Blog Posts Buying Tips

Buying a Second Property – 3 Key Factors to Consider

TLDR When navigating the complexities of purchasing a second property in Singapore, ensure you meet eligibility criteria, consider affordability factors...
Read More
Transaction Volumes Remained Subdued Due To The Dearth Of Inventory In Q4 2022
All Reports

Transaction Volumes Remained Subdued Due To The Dearth Of Inventory In Q4 2022

TLDR The Urban Redevelopment Authority (URA) Flash Estimates for Q4 2022 show a 0.1% increase in non-landed private home prices...
Read More
UNCOVERING the Secret to Profitable Small Boutique Condos! 
All Blog Posts Buying Tips Opinion

UNCOVERING the Secret to Profitable Small Boutique Condos! 

TLDR Boutique condos, with fewer than 100 units, are known for price fluctuations due to infrequent transactions and higher upkeep...
Read More
Top 5 Instagram-Worthy Spots in Singapore
Mandarin Top 5

Top 5 Instagram-Worthy Spots in Singapore

Singapore, a beautiful city-state known for its stunning architecture, lush greenery, and vibrant culture, is a photographer's paradise. The island...
Read More
What Is Cash Over Valuation in HDB (COV)
All Buying Tips

What Is Cash Over Valuation in HDB (COV)

TLDR Cash Over Valuation (COV) in HDB resale flats occurs when the purchase price exceeds HDB's valuation. COV cannot be...
Read More
Top 5 Most Common Red Flags To Watch Out For When Investing In Singapore Property
Mandarin Top 5

Top 5 Most Common Red Flags To Watch Out For When Investing In Singapore Property

Investing in Singapore property has long been considered a lucrative and stable way to build wealth. However, like any investment,...
Read More
Debunked! 6 Popular Property Myths of 2023, Including the 99-1 Loophole – Legal or Not?
All Buying Tips Opinion

Debunked! 6 Popular Property Myths of 2023, Including the 99-1 Loophole – Legal or Not?

TLDR This blog post delves into various aspects of the Singapore property market, including topics such as decoupling, 99-1 property...
Read More
Are Early Bird Discounts At New Launches Genuine Or A Marketing Gimmick?
All Buying Tips Opinion

Are Early Bird Discounts At New Launches Genuine Or A Marketing Gimmick?

TLDR When considering investing in new property projects, understanding developers' pricing strategies is crucial. Early bird discounts are not just...
Read More
Ouch! Our $1.8 Million Condo Investment Blunder: Unpacking 5 Crucial Takeaways from Our Bad Experience
All Buying Tips Opinion

Ouch! Our $1.8 Million Condo Investment Blunder: Unpacking 5 Crucial Takeaways from Our Bad Experience

TLDR The blog post delves into the complexities of real estate investments using Bob's experiences as examples. It highlights the...
Read More
The Influence of Soaring Land Costs on Singapore’s Real Estate Market: A Look at Land Price Trends Since 1992
All Buying Tips Opinion

The Influence of Soaring Land Costs on Singapore’s Real Estate Market: A Look at Land Price Trends Since 1992

TLDR When it comes to understanding the fluctuations in land prices in Singapore, historical patterns reveal significant spikes and dips...
Read More
Top 5 Sushi Restaurants in Singapore
Mandarin Top 5

Top 5 Sushi Restaurants in Singapore

Singapore, a melting pot of cultures and culinary delights, is known for its diverse and vibrant food scene. Among the...
Read More
Singapore’s Luxury Real Estate Market: The 5 Most Luxurious Neighborhoods
Mandarin Top 5

Singapore’s Luxury Real Estate Market: The 5 Most Luxurious Neighborhoods

The 5 most expensive neighborhoods in the city, and are home to some of the most exclusive and opulent properties...
Read More
Invest During the Bearish & Exit During the Bullish
All Blog Posts Opinion

Invest During the Bearish & Exit During the Bullish

TLDR A comprehensive overview of the real estate market trends, emphasizing the importance of strategic property analysis and investment decisions....
Read More
Are You Ready to Take on the Singapore Property Market in 2023? 12 Reasons to Be Hopeful (Or Wary)!
All Blog Posts Opinion

Are You Ready to Take on the Singapore Property Market in 2023? 12 Reasons to Be Hopeful (Or Wary)!

2022 sure was a rollercoaster ride for the property market, and the world! From war in Europe to skyrocketing interest...
Read More
4 Simple Strategies to Help Future Homeowners Save Money
All Blog Posts Buying Tips

4 Simple Strategies to Help Future Homeowners Save Money

TLDR When it comes to being a new homeowner, it's essential to prioritize regular maintenance to avoid costly repairs down...
Read More
How To Avoid Top 5 Common Investment Pitfalls When Investing In Singapore Property
Mandarin Top 5

How To Avoid Top 5 Common Investment Pitfalls When Investing In Singapore Property

When investing in Singapore's property market, it is crucial to be aware of the common pitfalls that can lead to...
Read More
Discover the 7 Unique Attributes of Real Estate Investing
All Blog Posts Opinion

Discover the 7 Unique Attributes of Real Estate Investing

TLDR The post highlights the benefits of investing in real estate, such as high leverage, capital appreciation, income generation, usability,...
Read More
6 Essential Tips for Singaporean New Homebuyers
All Blog Posts Buying Tips

6 Essential Tips for Singaporean New Homebuyers

TLDR Best practices for first-time homebuyers, the key points include setting clear and detailed goals, planning a realistic housing budget,...
Read More
Top 5 Places to Try Durian in Singapore
Mandarin Top 5

Top 5 Places to Try Durian in Singapore

Durian, often referred to as the "King of Fruits," is a unique and polarizing delicacy in Southeast Asia. With its...
Read More
1 2 3 28

Compare Listings