Singapore Luxury Spending Rises 7% Outpacing Asia-Pacific Markets

The high-end real estate market in Manhattan is thriving despite high mortgage rates, with a 17% year-over-year increase in co-op and condo purchases in the second quarter of 2025, driven largely by record-high cash transactions at 69% of all deals. Luxury properties priced at $4 million and above saw significant sales, fueled by wealth created over recent years, tax law changes, and a shift of affluent buyers from suburban and coastal areas. In contrast to global trends of declining luxury spending, Singapore's luxury market is expanding robustly, with sales expected to rise 7% to S$13.9 billion ($10.9 billion) in 2025, surpassing regional peers like Japan, China, and South Korea. This growth is supported by Singapore's 242,000 millionaires, rising tourism, and a strong influx of luxury store openings, making it a key hub for high-end retail in Asia-Pacific. Luxury brands are increasingly investing in Singapore with flagship stores and exclusive events, capitalizing on the city's stability, business-friendly policies, and affluent consumer base. Both Manhattan and Singapore exemplify resilient luxury markets driven by concentrated wealth and strategic appeal to high-net-worth individuals.