Luxury home purchases jump to 76% in Q3

This accounts for 130 out of the 171 luxury transactions.

The proportion of Singaporeans buying luxury non-landed and landed homes rose to 76% in the third quarter of the year (Q3), accounting for 130 out of the 171 luxury transactions.

This is higher than the 70.2% recorded in Q2 and the 72.5% in Q3 2024, according to an OrangeTee report.

The strong demand is attributed to the growing affluence amongst Singaporeans and their interest in acquiring high-end real estate as long-term investment assets and for wealth preservation.

Meanwhile, the total value of private homes in the Core Central Region (CCR) sold for over $5m grew by 25.7% to $1.73b in Q3, up from $1.37b in Q2. The average price per unit rose to $10.09m from $9.73m over the period.

171 landed, and non-landed homes in the CCR sold for at least $5m, excluding bulk deals, surpassing the 143 units in Q1 and 141 units in Q2.

Transaction volumes also increased for both new sales and resales, with 31 new luxury homes sold last quarter, higher than the 18 units in the previous quarter.

Newly launched projects contributed to the stronger new sales performance, including UpperHouse at Orchard Boulevard, The Robertson Opus, 21 Anderson, and Watten House. Resale transactions increased from 121 units to 138 in Q3.

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