Christine Li, head of research for Asia-Pacific at Knight Frank, says “high net worth individuals are a little bit concerned” in light of a money laundering case, among other things.
Knight Frank outlines factors behind slowing demand in Singapore’s high-end property segment
- Update Date：
- Post Date：
- Tags
This lady from Knight Frank is not correct on her view on Singapore property market at all. A lot of high net worth foreigners are dumping their Singapore properties currently. And Singapore is not a Chinese speaking majority country at all. It used to be so that’s why a lot of Chinese starts to pour in but a lot of them are starting to see a major shift in the English language being use as the main language for the last 15 years or so, they no longer feel comfortable in Singapore like they used to. Transaction volume in Singapore is also at an all-time low and yet there is an illusionary increase in the property prices here.
Singapore has been using English as first language for decades. Foreign labour (store/eatery etc workers) that are not Chinese do not understand Chinese – again that has always been the case. The reason for the cooling demand is the heavy 60% Stamp duty applied on foreign buyers of SG property since end april 24. Seems clear that the measure is working as was intended.
Good riddance.