In the first quarter of 2019, about 79 per cent of private apartments were sold to locals, the most since the first quarter of 2009. When it comes to luxury apartments in Singapore, there was also a big jump, from 36 per cent in the first quarter of 2018 to 69 per cent in the same period of this year.
Analysts opined that some foreign buyers may have stayed away due to the cooling measures announced in July 2018, including higher stamp duties which hit 20 per cent for foreigners.
Separately, another study found that while most locals believe home prices are too high, two-thirds of Singaporeans still feel that apartments here are still affordable. The study also found that younger people are moving out of their parents’ homes earlier and that executive condominiums have grown in popularity among upgraders.
Developers sold a total of 1,838 new homes in Q1 2019, which is 16 per cent higher than in the same period a year ago. New luxury condos were particularly popular, with sales doubling to 192 units.
Last quarter also saw the most sales of super-luxury new condos -- or those with price tags in excess of S$3,500 ($2,570) per square foot -- in more than a decade. One penthouse in Boulevard 88, a development near the Orchard Road shopping district went for S$28 million, or S$4,927 per square foot.