In addition, the higher resale volume could be that median prices of new condominium launches in the suburbs have reached new highs, breaching the $2,000 per sq ft benchmark. Buyers who are priced out of the new condo market will probably turn to the HDB resale market, pushing prices further.

In addition, Chinese buyers have snapped up the biggest share of Singapore’s condo market in 2022 compared with other foreigners, as total foreign buying of private non-landed homes almost bounced back to pre-pandemic levels.

A report also noted that the total number of foreign (non-PR) buyers for all condo purchases is nearing pre-pandemic levels – undeterred by property curbs implemented in December 2021 and higher interest rates.

In the first eight months of 2022, foreigners bought 607 condo units, slightly lower than the 632 units purchased in the same period in 2019. Despite the increased additional buyer’s stamp duty, some buyers consider luxury properties here to be cheaper than in many other cities, given that prices have similarly increased in those places.

The latest cooling measures introduced are “not likely to be significant” as high net worth individuals have sufficient cash or capitals

Luxury condo sales as a proportion of total non-landed units bought by foreigners also rose – to 23.6 per cent in January to August 2022 from 10.9 per cent in the same period of 2020.

So what is the direction of the property market in Singapore?