Associated costs are a key consideration for prime property purchasers
Prime residential purchasers can also be influenced by the associated costs of buying, owning and selling a property. In the latter half of 2021, the Covid-induced tax reductions national governments enacted were withdrawn as residential markets evaded crises and economies outperformed predictions.
Singapore and Hong Kong are the two most expensive cities for an overseas buyer of a US$2 million property. Singapore’s government is attempting to cool its housing market. From December 2021, the Singaporean government increased Additional Buyer’s Stamp Duty (ABSD) rates for foreign buyers purchasing any residential property from 20% to 30%, alongside other rate increases. Despite large price tags for prime property purchases, Shenzhen – China’s growing tech city – has the lowest associated property costs.
Read the articles within Savills Prime Residential Index: World Cities below.