Foreigners shying away from buying luxury homes

Sales of luxury homes have fallen by 50 per cent in the first quarter of this year compared to the same period in 2023, with the number of foreigners buying such homes dropping by 99 per cent. Such homes, mostly apartments, are those worth at least S$5 million. Around this time last year, property taxes for foreigners to own a home here doubled in a move to stabilise the property market.