18 Nov '13, 3am

Curbs push down luxury home prices in Singapore as government measures continue to limit overseas buyer demand

Luxury residential prices in Singapore moderated slightly in Q3 2013 as government measures continue to limit overseas buyer demand and curb speculative acquisitions, a report from CBRE Research revealed. The report noted that capital values of new luxury homes “softened by -5.7 percent quarter-on-quarter while secondary home prices remained unchanged from Q2 2013”. The decline in transaction volumes is attributed to the introduction of Additional Buyer's Stamp Duties (ABSD) and the Total Debt Servicing Ratio (TDSR) framework, which sees buyers raising more cash for upfront payments. Meanwhile, the number of foreign and permanent resident buyers of luxury homes dropped 20 percent year-on-year YTD while the number of local buyers plunged 50 percent over the same period. “Luxury rents fell marginally due to competition from new developments and may come under further pressur...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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