The luxury homes market was rocked by Singapore’s biggest money laundering scandal, pushing transactions to further slow in 3Q23.
Many of the residential properties are luxury homes on both the main island of Singapore and Sentosa. In 3Q23, transactions dropped 41.3% QoQ to 37 units. The value of luxury non-landed homes likewise fell in 3Q23, dropping 50.9% QoQ to $295.8m.“The transacted amount from 1Q to 3Q 2023 was almost 25% lower than the same period in 2022,” Huttons commented.
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Money laundering scandal erodes sentiments in luxury homes market: reportpstrongIn 3Q23, luxury homes slowed further to 37 units, translating to a 41.3% QoQ drop./strong/p pThe luxury homes market was rocked by Singapore’s biggest money laundering scandal, pushing transactions to further slow in 3Q23.
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