According to the latest report by Knight Frank, Singapore has ranked as the 6th top market for prime, super-prime, and ultra-prime properties globally. The report shows that Singapore, alongside Hong Kong, is the only other market in Asia that made it to the top 10.
Ultra-Prime and Super-Prime Transactions in Singapore
The report also revealed that Singapore had 18 ultra-prime transactions and 121 super-prime transactions in the previous year. This indicates that the demand for high-end properties in Singapore remains strong, despite the challenging economic environment.
Price of Prime Properties in Singapore
The report also revealed that prime properties in Singapore are amongst the most expensive in the world. With US$1 million, you can buy only 34 square meters of prime property in Singapore. However, this has not deterred investors from investing in the market, as Singapore’s property market remains attractive to high-net-worth individuals seeking stable investments.
Projected Increase in Prime Property Prices in Singapore
Nicholas Keong, Knight Frank Singapore’s head of private office, predicts that prime property prices in Singapore will continue to rise in 2023, likely by 4%. This projection is due to the increasing number of wealthy individuals in Singapore and the upward pressure on prime property prices as a result.
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Despite the challenges posed by the pandemic, Singapore’s property market remains robust and attractive to investors seeking high-end properties. With strong demand and a limited supply of prime properties, prices are expected to continue rising in the coming years, making it an excellent investment opportunity for those seeking stable returns.