Luxury condo sales up 46.2% QoQ in Q2

Total transactions were nearly $900m.

The value of non-landed property transactions in the second quarter (Q2) in 2022 was worth $900m, a 46.2% increase from the previous quarter, Huttons said in its latest report.

Over 110 non-landed expensive properties were sold in Q2 2022, 64.2% higher than the first quarter this year.

The top three foreigners purchasing these properties are people from China, Indonesia and the US.

Huttons explained that relaxed borders and removal of quarantine for vaccinated people led to a spike in the number of luxury properties sold.

High-interest rates are not expected to put a dent interest in luxury properties as the majority of buyers are not availing loans.

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