We all felt the inflation and the rising interest rates to counter it. While demand for properties has slightly tapered off going into 2023, the prices however have remained stubborn as many owners have stronger holding power. Just look at the COE prices below, which have been trending upwards to record prices. In basic macroeconomics principles, we know that demand outstrips the limited supply of COEs controlled by the government.
Why are Singaporeans so willing to pay top dollar for car ownership? The statistics are loud and clear, we have thousands of foreigners intending to take up citizenship in Singapore and they are HNWI individuals with at least US$6 million in investable wealth. The newly minted Singaporeans will also be eligible to purchase landed properties, the prime asset class in Singapore with no new supply coming on stream.