Categorized | International

Singapore Luxury Housing Market Has Peaked

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While the overall housing market in Singapore continues to show slow signs of growth, the luxury residential real estate market has seemingly peaked in recent months. Prices have fallen as much as two percent in the luxury housing market, and the overall prospects for the future are uncertain at best.

Demand for high-end luxury homes appears to be shrinking, as the number of sales per month has plummeted over the last few months. As demand decreases, and the number of homes on the market increase, prices will start to drop fairly significantly. The recent price drops may only be a slight indication of the drops that may soon come.

Prices also experienced a decline in the average housing market, falling by nearly two percent. However, there is little concern regarding the average housing market, as the number of mid-range homes sold continues to rise month after month. In fact, the residential real estate market has experienced nearly twenty percent increases in each of the last few months.

Apartment prices also continue to fare very well. Prices on apartments have increased throughout the year. They increased by more than two percent in the most recent report. Sales in this particular segment also increased by two percent.

There is no clear indication as to why the luxury housing market has experienced a bit of a downturn, and appears to finally be peaking. It is possible that those with the financial capabilities to afford the luxury homes in Singapore are acting with caution due to the threats of another global recession. While the answer is not yet certain, it is clear that residential real estate analysts are watching the luxury housing market in Singapore fairly closely.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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