Singapore's luxury home sales fall 50% on-year in Q1, foreign buyers down 98%
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- čas přidán 5. 05. 2024
- Sales of luxury homes in Singapore have fallen by 50 per cent in the first quarter of this year compared with the same period in 2023. Such homes, mostly apartments, are those worth at least S$5 million. Foreigners buying these homes have dropped by 98 per cent, with just one sale to an overseas buyer. In April last year, property taxes for foreigners to own a residential home doubled, in a move by authorities to stabilise the market. CNA’s Rebecca Metteo reports. Read more: cna.asia/4bmRbIG
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With 60% tax on luxury properties for foreigners,
i predict there will be close to zero property buy by foreigners ,
for the next 50 years
Probably a good thing in land-limited Singapore. It's not like they need money for development of empty land.
@@sociolocomtsacYou know these are already built right? That's nothing good in a higher taxes
Thats good news. As singaporean, we love that
@@Sam-sddu483 That's the problem. There is no real economic value added other than increasing prices for locals for an essential and limited resource. I don't think you understood what I said.
Which is good and is what the local government wanted.
The Fujian gang has been caught, and their over 3 billion confiscated, of course the luxury market is down.
Also one by one being put on the same list as Carrie Lam. Carrie Carries worthless rmb with her everyday till this day….
Many more ran away with they money
u are naive to think laundering money is only worth 3 billions instead of 300 billions.
lol no. It's the 60% extra tax for foreigners.
HDB is for living not for investing not making money. Its gone wrong already. As for those who loaded up on properties with long and high mortgage, pray you dont lose your job…
Really meh? When HDB prices were falling some years back, Singaporeans were complaining. Let's face it, sinkies only want to fast fast sell their HDB flats and get rich quick
HDB has messed up. It has screwed Singaporeans current and future gens. Good luck fellas.
@@DonYang73A home is an asset n through times,it builds up equity n it’s up to the owner whether to sell n use the equity n upgrade to a private property or stay put. I agree with u that current $1M plus HDB is insane n really screwed it up for Singaporeans for hdb owners will list for more. Many will be priced out.
@@david888a you dont need to explain anything so elementary. Thanks
RE prices in Mainland have dropped a lot the past 1-2 years. Do you think this will also happen in Singapore? Thank you for your thoughts.
HDB homes should not cost 1.5 or even 2 Million. Unless the average person earns $ 20,000 / month.
Also, Singapore has become too expensive generally.
WAY TOO expensive!!!!!!
Willing buyer, willing seller
Government want to swallow up all your cpf plus you take loan from banks government take profit again from banks profit equal tax. Your house loan can be repackage into another products to be sold on the market do you know that? Again the government makes money on the profit equal to tax. Or pledge it as collateral for a loan.
Yes, like HK, only the kids of the wealthy will even own a home. Sad.
@@SivalinPuthery n it’s the few willing buyers that helped to increase the selling price for others….it’s not a good thing for ordinary Singaporean….in real estate
The cooling measures came in too late and the damage has already been done as the cost of housing has gone up far too high. Cost of living in Singapore is too high especially for young couples.
HDB Btos Is the yard stick. Why are people wilfully Blind in self denial?
💯 - only the kids of the super rich will have kids. SIN in a generation will have to have daily shuttles of workers from over the border to serve their coffee, fix their plumbing, clean their clothes.
Cooling measure only succeeded to curb foreign buyers , only 1 transaction in 1st qtr but failed in curbing Singaporean that decoupled to buy another property. Singapore like u said it’s n expensive place to live…it will b much more expensive in the future,one better hv a good high paying job or b a MP n draws millions in salary….ordinary Joes will hv a hard time….
Same in USA and South Korea.
This may be a surprise to some. But buying a house is expensive (roughly 10-20X the prices of automobiles), and nearly impossible for folks under 30. It's been that way for >5 decades.
Also note that we tend to spend everything we earn (or beyond) through the fist 1-2 decades after starting working.
Bought my 1st home (crappy little house in a bad neighborhood) when I turned 29, survived on cheap roman noodles for the first few years.
Don‘t just talk about luxury home, look at all the resale HDB flat, it gone ridiculously high, who is buying it ! ?
Singapore real estate prices shot up are due to hot money fleeing EU and USA after USA and its allies froze Russia $$$. Our government just got lucky catches the wind so real estate went sky high and our government just ride on the wind by rising it price on HDB. It just coincide with the demand from USA that we need to buy allot more weapons in preparation to fight USA war against China. Singapore just can’t afford it that’s why all sort of taxes are levy on our already pitiful overran income. Anyway investors are now taking profit and into gold and commodity because USA national debt is seem to be getting out of control. Guarantee real estate price will fall. For a start our government will sure try to pop it up the fall in price to our property market. But it will failed. Those home owner who bought at sky high price will be in a very very sorrowful stage.
foreigners can't buy HDB though. So it's all the singaporeans
@@YokNg don’t be so naive. Singaporean sold hdb at high price upgrade to private. foreigner only can buy private apartment so u have 2 group of people fighting for private condo price sure shoot up. Foreigner are investor, price good sell it and move on to other investments. Less buyer so less price Singapore got stuck unless you own a 999 or freehold otherwise better off renting or remain in hdb
@@two02ful are you even paying attention to the topic? The originator is focusing on HDB prices not private. My reply is to explain to him who are the ones buying HDB. You want to talk about private go start another thread.
Stop quoting me out of context and calling me naive when you don't even know what's the context.
@@YokNg ai yo! So hdb resales and new hdb price will increase in tandem, that also don’t know. It’s a chain reaction. If you are a Singaporean you should know, hdb will raise the price for new build too!
These luxury homes are palaces of greed and shame, at a time when so many people are struggling.
Overpriced.
Damn right they want us foreign people to pay Go pound sand
All for a concrete cubicle in a highrise? No, thanks.
That's why Sentosa psf price fallen to $1.6K, always good to increase taxes on foreigners, a further 100% increase on ABSD for foreigners would be great.
All praise to PAP! 😂
Agreed! This is one good policy!
All become Singaporean
5M home with 3M tax..how stupid to invest rather than invest tax friendly or not tax at all in Dubai..make sense?
You beat me to it. Buy in Dubai; come visit SIN and stay at a hotel. Ridiculous. Mainland locusts ruin everything.
Sure Dubai has its advantages but climate is horrible. Property maintenance is super expensive. Like you have to keep the AC on during summers even if you don't live in the property.
In Dubai, it is still volatile amd not as stable as Singapore.
Just recently, Dubai increased income tax from 0% to 9% in just overnight.
The Sultan dont care. They will do things at their whims. At least for Singapore, you can gauge if the market too saturated, then ceetain tax will increase.
It is a good move to cool down the luxury property market. Although it is not a strong correlation, their prices weakly correlated with the rest of the property market and have spill-on effects on commoner housing choice.
$5M house with a $3M tax? 😅
I think that's Singapore's way of telling foreigners to stop buying Singaporean real estate.
Rich people had woke up to this unrealistic biggest property bubble in the world. Real estates world wide are crashing. How long it can resist the law of eonomics? No value for Money.
.
The clash is on the way. Investors are taking profit and living singapore to ASEAN countries that it economy that are above water. Ours should be ok but because we are in USA obit we will be doom too. Non of the countries in the world that are in USA obit its economy are doing well except oil rich countries. In USA obit we need to finance USA demand to buy up weapons to fight USA war against China. Those F35 are the killer! We just can’t afford it. Taxes upon taxes will only killed singaporean. China gets stronger militarily singapore will suffer more and more. Cost of doing business are becoming ridiculously high. Many of my friend bustiness are relocating their business to Thailand and Vietnam. Singapore practically had lost all its niches they once had, now nothing left. If cost of doing business continue to get worst due to all sort of taxes piling up, I will also leave singapore too, setting up home else where.
Good, maybe then i can finally get a home and consider even getting married
Got to wait awhile more if EU and USA really confiscate Russia $$$ and gave it to Ukraine then property price will not fall that much.
As far as I know, specifically the houses which includes high rise apartments or landed in sentosa, the selling price has been dropped drastically.
In KL, lately we get many mainland China buyers inquiring and buying properties lately. Maybe that's where they all went
And later change govt. No visa. Cannot live😂😂😂😂😂
@@tankman20064 There is MM2H program for long term foreign residents. Even changed of government the program is still valid
Malaysia is the way to go
Many went to Malaysia and Thailand to buy properties now, the law there are not strict about money laundering
One condo in Sg buys 15 condos in Malaysia. Do the Maths. The mad bubble must burst.
What a rip off. Foreigner is not stupid to pay that much in property tax.
That's the point? Anyway, if you have American passport and certain EU countries passport, you can buy at the same rate as local, i.e. 0% ABSD for first purchase. Or you can get PR to get a hefty ABSD discount, or naturalize to Singaporean and also pay 0% ABSD.
I’ll be buying when it drops to 80%
The supply is just not enough...more regulations wont work. Singapore needs more homes.
Could it be that the foreigners had converted to PR or citizens to avoid these additional ABSD?
Possible since the Govt has been freely giving out our citizenship! I know of many personal examples which I won’t type here since YT have been censoring any comments that aren’t favourable.
So fast meh? All the golden visa schemes gone liao. PR now .... Wait long long
@@SivalinPuthery Still have golden visa scheme but price multiplied by 4 from 2.5mil to 10mil SGD for PR. Last time have fast track SC scheme for 5 mil SGD but seems to have been abolished.
So will there be a chance for me to get a home under 200k now?
Price still go up. Don’t omit price reporting to appease public
SGP-too expensive, Choose from 7,641 other Islands off the Phillipines. Clean water little tax and almost zero expatriate Chinese economic refugees.
The newer luxury homes are not that luxury…smaller spaces, common layout, nothing special…plus high price just dont make sense…
Who is the NDM Singapore ? He will strike lottery as housing for all are no1 priority.
Foreigners can get Singapore PR and Passport with ease ! 😅
Westerners certainly do not get PR easily. It's easiest for people of Chinese/Malay/Indian ethnicity.
How easy? All my foreign friends complaining about getting PR so difficult these days, please share some real tricks to get PR
@@SivalinPuthery Bring 10 mil SGD to EDB.
all the hdb flats are for foreignerd.1million yes
The intent of the high ABSD was said to prevent speculation in residential properties. However, it will also drive up prices. If one bought a property with the high ABSD, he, in the future, will sells off that property with the original price plus the additional ABSD plus profit. Prices of new properties would follow the sub-sale market. Anyone thinking of buying private property would be priced out. With better communication options in the future, such as the MRT connecting JB, people would buy residential properties in JB. With homes in JB, they will shop & eat in JB, resulting in the Singapore retail sector being hit hard; subsequently malls will be like ghost towns & prices of retail properties suppressed.
I don think so. There will be not enough buyers who could afford it.
For many other countries in world , average home prices are 15 to 30 times the average annual household income ,
so Singapore's ratio of 3 to 5 times is actually one of lowest in whole world
Japan government must do the same thing immediately, because foreign buyers drove housing prices tremendously recently, and locals are really struggling to buy dwelling now.
REIT all down since last year june,look at pronex stock market crashed. don't u realized sg property overvalued? so many chinese people came to singapore become citizen bought houses & partition it 1room to 3 to be rent out, 1 landed 4 rooms became 15 peoples as accommodation, very annoying all these people come rent a house and re-rent again.. or maybe this is a corp rent?
They need to do this with foreign buyers in the U.S. and implement the rule to people that existing foreign owners.
1:51 Jasmine Png the beautiful property agent 🧚♀👰
really no standard
Damn cheena
Chee Ko Pek spotted in the wild
Why must wear low cut ? 😂 more sales ?
She is my wife
Singapore Hdb property had been world's worst asset investment for 8 years previously,
as the property market went down or remain stagnant from years 2013 to 2021,
with non stop cooling measures,
so for those 8 years, property gains was zero or negative for 8 long years
Just introduce MSR. if EC AND HDB has MSR private properties should have too, or else the loop hole of manipulating TDSR continues.
Sales down, prices up?
When one owns 4 they can be patient 🤣
Keep dreaming. Nobody can work against the Law of Economic. World wide properties price crashing Sg still in a Mad Mad bubble? It must CRASH
Oh really? Maybe because a lot of people lack a man-made thing called money. This is like saying “Ferrari sales are down due to fast food workers struggling to meet monthly payments”
I wonder if Chinese Mainlanders are still the majority of foreign buyers? Singapore is a wonderful place.
Singapore is a country of Peace! The country is doing so well the currency is very high now making it hard for Chinese Mainlands to come. I hope more buyers will come to experiance Peace
If you want to avoid future inflation and promote affordable housing, you have to discourage foreign purchase and purchase of single family units as investment. I live in the US and the housing costs here and inflation have gone out of control.
we have world housing bubble and some parts already bursted like china which is down more than 50% from their highs.
Hdb is too high now. Our generation is going to have a tough time.
That one foreigner who brought that 1 property must be really rich😂
OSo stoopid liao
My understanding is that Iceland, Liechtenstein, Norway, Switzerland, and USA citizens dont pay ABSD, but still no-one is buying.
Prices are STILL Rising
What's there to Celebrate ?
It looks like the super luxurious market falls but not HDB , two very different markets
But when HDB prices were dropping some years back, Singaporeans were crying father and mother
Crazy things happen in this world, but they never last, just like the tulip craze a couple of centuries ago.
Foreigners = chinese
Also, HK has abolished all property curbs including taxing mainland chinese.
Therefore they are going to buy in HK rather than SG.
That 52 units by one single buyer.
Where? Buyer is from which country please? Start with C ? Or
maybe 2 lah...
why anyone would buy in overpopulated and over crowded place.. please.
Increase property tax what do you think will happen?
disgusting that homes in Singapore can be used as investment.
waiting for the conclusion of weak penalties impose on the launderers and agents...before making their next move...
新加坡的屋子是风水宝地😊😊😊😊天机不可謝漏
Wow Jasmine Png.
Hot money especially from Chinese national fleeing from USA and EU to singapore and China four national banks after Russian assets was frozen by USA that headed to real estate in singapore are now taking profit because of USA national debt issue. Real estate in singapore will get glimpsed moving forward. Most of the money will go into gold and commodity. There is a second wave of hot money from the same countries are underway after USA passes a law confiscating Russian assets are taking temporary shelter in the same singapore and China banks. It will take a longer time to leave USA and EU because this assets are mainly non liquid. It takes time to off load non liquid assets. If EU were to succumb to USA demand then the whole world financial system will go haywire. Gold and commodity will be their hideout for quite a while to come. But some will move into ASEAN member countries especially those that it economy are above water.
Singapore properties and cost of living have gone too expensive now, overtook Japan and Hong Kong, it’s not sustainable and this bubble will burst, just like what happened in China now. Houses must be bought for own staying only and never allowed or encouraged for investment for quick money gain, people would soon realize that buying houses for investment is a bad decision and a painful one, let them learn that hard way.
China govt burst the bubble for the good of it's citizens not blowing it bigger n bigger
房价.....今日香港, 明日/现在新加坡
The glamorous facade of Singapore is fading.
Let's not kid ourselves, it's not the absd.
Jasmine pang❤
We are know what we are here for
Sorry, nothing special about Singapore. Why waste your money there.
Yes please don't come.
Just lease
About time!
Wow now that’s a tax no wonder real estate has virtually closed up shop whohahahahaha
Chinese Singaporeans constitute 75.9% of the Singaporean citizen population according to the official census, making them the largest ethnic group in Singapore. China in a coat.
By your logic, Taiwan is also China?
@@kageyamareijikun DNA tests dont lie and has nothing to do with logic. Why are you so embarrassed of being “Chinese”?.
Money laundering activities are helping this luxury apartment sold weird the G still encourages this
That property agent is pretty. Surely i want to buy from her if I'm a billionaire 😂
Always a reactive government, never a proactive.
I mean we all know why we click on this video right...
5 million?! Fiat Money is a psyop. Watch Zimbabwe 100 trillion dollar banknote. Coming soon apartment price 100 trillion.
Yay!
Only a clown or fool will buy property and pay 60 % tax,
as it would be impossible not to make huge loss in future,
when the buyer need to sell .
Even if he/she hold the property for 100 years,
he may not make even $1 profit
Everybody's building luxury homes like everyone was a billionaire lol
Supply and demand. Almost nobody can afford those luxury homes.
There is zero reasons to invest in Singapore.
CNA chose the right thumbnail for men of culture
she sounds weird leh
china still no 1, thank you china the great for your money
Who cares, buyers are going to move to Malaysia soon, thanks to the low ringgit and second home scheme.
pls buy my 10 luxurious HDB flats, each one will only costs 2mil SGD
that happen when greed come to play
this is my chance!😂
*The total house value should generally be no more than 3 to 5 times their total annual household income. So if our HDB is sold for 1 million dollars, the buyer household should have a combined income of $200,000 to $330,000 a year. If not then we are all made suckers. I have bought a resale 3 room HDB flat for $335,000 last year as a bachelor. My annual income is $71,000. So my purchase is almost in the multiples of 5, which is already in the high end of the desired multiples!! If you can't keep the multiple below 5, then should consider Johor or even migration. Simply not worth it to buy any higher!!*
For many other countries in world , average home prices are 15 to 30 times the average annual household income ,
so Singapore's ratio of 3 to 5 times is actually one of lowest in whole world
Money laundering is over?
with nothing there i bet. Philippines is where its at
Its not only the property tax the country has changed not as clean the demographic of ppl has changed for the worst
Money laundering caught....
Totally irrelevant to ultra middle class like me.
haha well done!
The are all buying over the bridge! 🤣🤣🤣
Ep 12 - Part 2 Exploring Desaru Malaysia 🌴🚤🦢 Mangroves Cruise, Ostrich Farm, Mini Zoo.
czcams.com/video/IA1FgledFa0/video.html
❤
Womp womp
China: welcome to the club
Cheh. You use click bait. I wasn't even interested in luxury properties siah.
Maybe our ministers can help?
how to close your country 101
No more money laundering
go to 0 brother
Sum ting wong
Less (born in China) illegal gambling/scam crimelords buying 😅
Pure nonsense again.
is Singapore part of China?