Singapore real estate sales reach $ 24 billion in the first half of 2021, twice as much as in New York


  • Singapore recorded $ 24 billion in real estate sales in the first half of 2021, according to a Bloomberg report.
  • This is double the sales recorded in Manhattan during the same period.
  • Singapore remains an attractive market for wealthy buyers in the pandemic thanks to its containment of the virus and low tax rates.

Singapore saw nearly $ 24 billion in real estate sales in the first half of 2021, as home prices rose a record 4.1%, Faris Mokhtar reported for Bloomberg. That’s double the sales recorded in Manhattan – the largest real estate market in the largest city in the United States – during the same period.

During the pandemic, wealthy foreigners have continued to flow to the Southeast Asian city-state known for its low tax rates. Billionaires, including investor Ray Dalio and Google’s Sergey Brin, opened family offices in Singapore last year.

However, some of the most high-profile real estate transactions have taken place among wealthy locals. In March, the the wife of a Singapore tech founder paid around $ 96 million for a mansion on the ultra-exclusive Nassim Road in Singapore. Last month, Grab CEO Anthony Tan Paid Over $ 29 Million for a resort style bungalow. And last week, Singapore’s Business Times reported that TikTok CEO Shou Zi Chew was in talks to buy a $ 64 million bungalow in affluent Queen Astrid Park.

“Our high-end market is very resilient,” Bruce Lye, co-founder and managing partner of Singapore Realtors Inc. told Insider this spring. “Singapore is highly sought after because of our status as a safe haven for the very wealthy. With the changes to the Global Investor program and the benefits of establishing family offices in Singapore, we will see many more attractive transactions inked in the near future. “

a white gated mansion surrounded by palm trees on the nassim road in singapore

A mansion on Singapore’s exclusive Nassim Road.

Katie Warren / Insider

In New York, who saw an exodus of around 400,000 people at the start of the pandemic, house prices fell in 2020. In January 2021, Manhattan home prices were 6.2% lower than the previous year and Brooklyn prices fell 5.4%, according to a StreetEasy report. Median rent has fallen to its lowest price since 2010.

But the market has since mounted a rapid recovery. Pamela Liebman, president and CEO of Corcoran Group, told Insider’s Natasha Solo-Lyons last month that Manhattan had its best spring season for closed sales in six years.

“A year and a half after the start of the pandemic, it’s safe to say that New York has regained its mojo,” said Liebman.

The two cities have had very different pandemic experiences. New York City, with a population of over eight million, has recorded nearly 2.2 million COVID-19 infections and 53,750 deaths, according to data from Johns Hopkins University. Singapore, which has a population of around 5.7 million and is known for its strict containment and containment measures during the pandemic, recorded 65,836 cases and 42 deaths.


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