Singapore's luxury housing market is experiencing its worst year in nearly a decade, with only eight properties sold as of September. The market downturn is attributed to a major money-laundering scandal and rising interest rates. Rental demand for mansions has also decreased as wealthy buyers become more cautious. The negative image of luxury real estate caused by the scandal is expected to take time to recover.
Singapore ’s luxury housing deals are drying up as one of the nation’s largest money-laundering scandal s weighs on the market.are set for their worst year in nearly a decade with just eight sold as of the end of September, according to data compiled by Knight Frank. Realstar Premier Group – an agency specialising in landed homes – says that for September, it sold fewer than half of the 10 properties it usually brokers a month.
“It will take a while for the dust to settle and the market to forget this negative image of luxury real estate.”Knight Frank figures do not include undisclosed deals, but the eight mansions sold compare with 20 last year. That’s a fraction of the 60 units transacted in 2021, representing an 80 per cent drop from that year’s $S2.1 billion in sales. Figures that low have not been seen since 2014, when $S431 million worth of such assets were purchased.
Authorities have revealed that most of the suspects arrested in the money-laundering case are from Fujian.While Singapore’s Council for Estate Agencies advises against placing ads that are discriminatory or stereotyped in nature against any race or group and warns of disciplinary action against property agents who flout the guidelines, there are no laws specifically penalising landlords for refusing rental on such grounds. The CEA did not respond to a request for comment.
Singapore Luxury Housing Money-Laundering Scandal Market Downturn Interest Rates Rental Demand Negative Image Recovery
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