Chart of the Day: Luxury homes getting cheaper?
Median price of non-landed luxury properties dropped 8% to S$2,548 per sq ft.
Savills Research said:
The median price of non-landed high-end homes was S$1,644 per sq ft in Q1/2012, a 9% drop QoQ and 10% below the five-year peak of S$1,823 per sq ft in Q1/2011.
The median price of non-landed luxury properties was S$2,548 per sq ft, falling 8% QoQ. This is 29% lower than the five-year peak of S$3,594 per sq ft reached in Q4/2007.
Median prices of super-luxury homes were more resilient, slipping by only 1% QoQ to S$3,169 per sq ft in Q1/2012, about 20% lower than the five-year peak of S$3,985 per sq ft in Q4/2007.
Based on the URA’s fl ash estimate, the private homes price index slipped 0.1% in Q1/2012, compared with a 0.2% increase in Q4/2011. This is the first fall into negative territory since Q2/2009 after nine consecutive quarters of decelerating price increases.
Prices of non-landed private residential homes fell 0.9% in the CCR and 0.7% in the RCR during the reviewed quarter. In contrast, overall prices of homes in the OCR increased by 1.2%, double the 0.6% rise registered in Q4/2011 due to more launches in the OCR, with many breaching the S$1,000 per sq ft mark.