Singapore's luxury home market has experienced a downturn in sales in 2023 following the introduction of cooling measures in April, with a significant 33% drop in prime non-landed residential property sales. The increase in Additional Buyer’s Stamp Duty (ABSD), particularly for foreign buyers, has affected high-end condo investments. Despite a mismatch in price expectations between buyers and sellers contributing to weaker sales, Knight Frank remains cautiously optimistic about the future of the high-end residential market, expecting stable demand for prime landed homes due to lifestyle preferences despite a decrease in transactions.
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