SINGAPORE, Jan. 28 -- Singapore's luxury condominium resale market has slowed significantly in 2024, with property agents struggling to find buyers despite a high number of listings.
A search on property portal PropertyGuru shows over 200 luxury condo listings priced above S$10 million (RM32.6 million) in the Orchard area, with multiple agents marketing the same properties, according to a report in The Straits Times today.
The decline in transactions is largely attributed to the 60 per cent additional buyer's stamp duty (ABSD) imposed on foreign buyers in April 2023, along with a limited new supply of high-end condominiums.
In 2024, only 21 luxury condo units in the Core Central Region (CCR) were resold at prices above S$10 million, down...